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Problem 1: Make a journal entry for the following:
1) Allowance for Doubtful Accounts is estimated to be 6% of Accounts Receivable.
2) The building was purchased on 9/30/19 with a Bond issued at par value for $250 000. The bond requires semi-annual interest payments at 8%, starting on March 31, 2020.
a. record the building purchase
b. record interest on the bond that is accrued but not yet paid.
3) The building purchased in #2 will be depreciated over 25 years with an estimated salvage value of $50,000.
4) Equipment costing $30,000 was disposed on 12/31/19. The accumulated depreciation for the equipment was $25,000.
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prescott inc. uses standard costing for its one product baseball bats. the standards call for 3 board-feet of wood at
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