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Question - Sheffield Corporation owns equipment that cost $63,600 when purchased on April 1, 2013. Depreciation has been recorded at a rate of $10,600 per year, resulting in a balance in accumulated depreciation of $50,350 at December 31, 2017. The equipment is sold on July 1, 2018, for $12,720.
Required - Prepare journal entries to (a) update depreciation for 2018 and (b) record the sale.
a. on april 1 the company retained an attorney for a flat monthly fee of 500. this amount is paid to the attorney on
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Among the short-term obligations of Lance Company as of December 31, the balance sheet date, are notes payable totaling $250,000 with the Madison National Bank. These are 90-day notes, renewable for another 90-day period. What should these notes s..
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1. Prepare the journal entries to correct the errors (ignore income taxes). 2. Prepare the journal entries to record 2009 depreciation for any assets record in requirement.
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