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Kevin

In: Novels

Submitted By shengyue
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a) Vela owns and occupies a building that was completed last year and occupied for the first time on January 15, 2006. (Previously, the company had rented premises.) The building cost $384,000, has an estimated 20-year useful life, and an estimated residual value of $34,000. Annual amortization of $17,500 has not been recorded. Dec. 31 | Amortization Expense | | 17,500 | | | Accumulated Amortization - building, Building | | | 17,500 | | | | | | b) The Office Supplies account showed an opening balance of $895 on January 1, 2006. During the year, the owner used Office Supplies (asset account) to record the purchase of $985 of supplies. The year-end physical count of office supplies inventory only showed $705 of unused supplies on hand. Per the Dec. 31/06 trial balance the Office Supplies account balance is $1,880. DecDec. 31. 31 | Office Supplies Expense | | 1,175 | | | Office Supplies (asset) | | | 1,175 | | $895 + 985 = 1,880 – 705 = 1,175 | | | | c) The Prepaid Insurance account showed an opening balance on January 1st, 2006 of $400 representing the 4 months remaining on a 1-year insurance policy which originally cost $1,200. At the expiration of this policy on April 30, 2006, the owner paid $2,880 for another 2 years of coverage. The owner debited Prepaid Insurance for $2,880 to record the purchase of this renewal policy. Dec. 31 | Insurance Expense | | 1,360 | | | Prepaid Insurance | | | 1,360 | | | | | | | $2,880/24 = $120/month | | | | | $400 + $2,880 = $3,280 – 1,920 = $1,360 (16 months left x $120 = $1,920) |...

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