An insurance office purchased office furniture costing $9,00 . and put it into use on April 1 . The furniture is expected to have a useful life of 10 years and an estimated resale value of $600 . Using the straight-line method of depreciation, compute the book value at the end of the third year
$6,690
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According to the study done by the Securities and Exchange Commission, greatest number of enforcement actions was in the area of ________
a. improper use of off-balance-sheet arrangements b. improper expense recognition c. improper accounting for business combinations d. improper revenue recognition
Sarah's Paralegal Services completed these transactions in February: a. Purchased office supplies on account, $300.b. Completed work for a client on credit, $500.c. Paid cash for the office supplies purchased in (a).d. Completed work for a client and received $800 cash.e. Received $500 cash for the work described in (b).f. Received $1,000 in advance from a client for services to be performed in March.Prepare journal entries to record the above transactions. Explanations are not necessary.
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