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What is the entry for February

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Q1. On May 28th the Senior Accountant informs you that approximately 1% of all sales on account this month will likely not be collected. On May 31st sales on account amounted to $15,547.

Q2. On December 31, the Accounting Manager decides that all uncollectable accounts should be written off and removed from the accounts receivable ledger. Currently the value of these accounts is $1,750.

Q3. Machinery purchased January 1st, 2015 for $49,000 was expected to last for 40 years and would be worth $1,000 at that time. The company is using the straight-line method of amortization. What is the entry for May 31st, 2015?

Q4. Office Equipment purchased for $30,000 January 1st, 2015 is amortized at the rate of 20% per year. The accumulated amortization up to this point was $500. What is the entry for February 28th, 2015?

Q5. A truck purchased for $20,000 has accumulated amortization of $6,000 on January 1st and is amortized at a rate of 10%. What's the entry for 6 month period ending June 30th?

Reference no: EM132617776

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