Reference no: EM13789516
1. How much quarterly depreciation expense would be recognized for a building that originally cost $100,000 and has an estimated useful life of 10 years with a $20,000 salvage value?
$2,500
$2,000
$8,000
$1,000
$10,000
2. Which journal entry reflects the adjusting entry needed on December 31?:
It is December 31, the end of the fiscal year. During December, employees earned $800,000 in salaries, but paychecks do not get issued until January 2.
No entry is needed.
Dr. Salary Expense 800,000
Cr. Salaries Payable 800,000
Dr. Salary Expense 800,000
Cr. Cash 800,000
Dr. Cash 800,000
Cr. Salaries Payable 800,000
Dr. Salaries Payable 800,000
Cr. Cash 800,000
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