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What is the december adjusting journal entry for fastforward

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Question 1: FastForward purchased equipment on December 1 for $26,000 cash. What is the initial journal entry to record the purchase?

Question 2: FastForward uses straight-line depreciation. The Equipment has a useful live of 5 years and is expected to be worth $8,000 at the end of 5 years. Calculate the straight-line depreciation expense for one year and then calculate the monthly amount of depreciation.

Question 3: What is the December 31 adjusting journal entry for FastForward (Hint: Only one month of depreciation should be expensed because the equipment was purchased on December 1) ?

Question 4: What is the net book value reported on the balance sheet at 12/31 for Equipment?

Reference no: EM132650626

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