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At December 31 the office supplies on hand totalled $500. b....

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Question

Accounting

At December 31 the office supplies on hand totalled

$500.

b.

 Prepaid rent of one month has been used. (Hint: See the second

Dec.

1 transaction.)

c.

 Determine the amortization on the building using straight-line amortization. Assume the useful life of the building is

five

years and the residual value is

$9,000.

(Hint: The building was purchased on

December

1.)

d.

$430

of unearned revenue has now been earned. (Assume that the initial unearned revenue was recorded as a liability.)

e.

 The employee who has been working the rental booth has earned

$1,050

in salaries that will be paid

January

15,

2021.

f.

Nature Gnome

has earned

$1,890

of canoe rental revenue that has not been recorded or received.

g.

 Determine the amortization on the canoes purchased on

November

3 using the straight-line method. Assume the useful life of the canoes is

four

years and the residual value is $0.

h.

 Determine the amortization on the canoes purchased on

December

2 using the straight-line amortization method. Assume the useful life of the canoes is

four

years and the residual value is $0.

i.

 Interest expense of

$110

has accrued on the note payable.

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