1. On January 1, 2004 PEN PENNY received a Utility Bill from BEC for $10,000, the bill was due on February 28, 2004. (a) Show the entries on January 1, 2004 and February 28, 2004.
2. On March 1, 2004 PEN PENNY company borrowed $400,000 from the Royal Bank of Canada and issued a notes payable to pay interest at the rate of 6% at the end of each quarter.
a. Show the entry to record the amount borrowed, and the interest expense for March 31st.
3. On August 1, 2004 PEN PENNY company received rent of $30,000 from a tenant for three months rent.
a. Show the entries on August 1, 2004 and August 31, 2004
4. On July 1, 2004 PEN PENNY Company Paid its insurance for two years $24,000.
a. Show the entries on July 1, 2004 and December 31, 2004
5. On October 1, 2004 PEN PENNY earned royalty of $20,000 but did not receive the amount until February 3, 2005.
a. Show the entries on October 1, 2004 and February 3, 2005.
6. On October 3, 2004 TED TEDDY received a Telephone Bill from BTC for $15,000, the bill was due on November 1, 2004. (a) Show the entries on October 3, 2004 and November 1, 2004.
7. On February 1, 2002 TED TEDDY company borrowed $100,000 from the Bank of Nova Scotia and issued a notes payable to pay interest at the rate of 5% at the end of each quarter.
a. Show the entry to record the amount borrowed, and the interest expense for February 1st.
8. On March 1, 2003 TED TEDDY company received rent of $45,000 from a tenant for five months rent.
a. Show the entries on March 1, 2003 and March 31, 2003.
9. On January 1, 2004 TED TEDDY company Paid its insurance for three years $36,000.
a. Show the entries on January 1, 2004 and December 31, 2004
10. On November 1, 2004 TED TEDDY earned royalty of $50,000 and received $25,000 on December 31, 2004 and $25,000 on January 31, 2005.
a. Show the entries on November 1, 2004, December 31, 2004 and January 31, 2005.
Milk Milky purchased a new computer on January 1, 2005 at a cost of $25,000. The computer had a life of 4 years and salvage of $5,000.00. Using the straight-line method, record the following:-
1. The purchase on January 1, 2005
2. The Depreciation for 2005
3. What is the book value of the computer at December 31, 2005 and December 31, 2006?
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