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Prepare the journal entries for the transactions

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Reference no: EM133123432

Question 1 - Mike Poe operates an event rental business called Best Rentals. The company had the following adjustments for the month of January 2021.

Jan 31 Recognized $1,050 rent expense used for the month.

Jan 31 A monthly magazine subscription was prepaid on January 1, 2021 for $300. By January 31, one issue had been received.

Jan 31 Computer depreciation for the month is $1,000.

Jan 31 Salaries for employees accrued by $4,480 by the end of the month.

Jan 31 A 30-day contract for the rental of an event tent was started on January 16; the customer will pay $11,530 at the end of the contract next month; accrue the revenue earned by the end of January.

Required - Prepare the journal entries for the above transactions.

Question 2 - On March 1, 2021, Simpson Hotel purchased new computers for $13,560. The computers are expected to last 3 years and will have an estimated residual value of $600. Simpson Hotel has a December 31 year end.

Required - Prepare the table showing the yearly depreciation, accumulated depreciation, and net book value of the equipment.

Reference no: EM133123432

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