On May 1 20xx a firm purchased a 1 year insurance policy for $1800 and...
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Accounting
On May 1 20xx a firm purchased a 1 year insurance policy for $1800 and paid the full premium in advance. The insurance expense associated with this policy for 20xx is ?
A) 600
B) 1200
C) 1800
D) 1050
As part of the initial investment a partner contributes equipment that had a cost of $50,000 and accumulated depreciation of $35,000. If the partner agrees on a valuation of $30,000?for the equipment, what amount should be debited to the office equipment account?
A) 15,000
B) 20,000
C)30,000
D) 50,000
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