Use rent receivable account and salvage value

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Reference no: EM13863565

The equipment is depreciated at 10% per year.(3)Insurance expired during the year $3,500.(4)The rent revenue represents the amount received for 11 months for dining facilities. The December rent has not yet been received. (Use Rent Receivable account.)(5)It is estimated that 12% of the accounts receivable will be uncollectible.(6)Salaries and wages earned but not paid by December 31, $3,600.(7)Dues received in advance from members $8,900.

(1) The buildings have an estimated life of 30 years with no salvage value (straight-line method).

Reference no: EM13863565

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