Reference no: EM133109183
Question 1 - Jake's Mechanics owns the following long-lived assets:
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Asset
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Date Purchased
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Cost
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Estimated Useful Life
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Building
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January 1, 2014
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$44,000
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20 years
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Vehicles
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December 31, 2017
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28,770
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7 years
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Equipment
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July 1, 2016
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15,400
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10 years
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Prepare depreciation adjusting entries for Jake's Mechanics for the year ended December 31, 2021.
For each asset, calculate its accumulated depreciation and carrying amount at December 31, 2021.
Question 2 - Blackice Coffeeshop began operations April 1. At April 30, the trial balance shows the following balances for selected accounts:
Prepaid Insurance $3,624
Equipment 26,400
Notes Payable 19,200
Unearned Revenue 4,090
Service Revenue 1,580
Analysis reveals the following additional data.
1. Prepaid insurance is the purchase cost of a 2-year insurance policy, effective April 1.
2. Depreciation on the equipment is $530 per month.
3. The note payable is dated April 1. It is a 6-month, 6% note.
4. Services delivered to customers but not recorded at April 30 totalled $1,480.
5. Provided $670 of services to customers who had paid at the beginning of the month.
Prepare the adjusting entries for the month of April.
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