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On June 30, Trevor Company purchased equipment for $60,000. Freight charges were $3,500 and there was a cost of $1,200 for installing the equipment. The equipment will have a $14,000 salvage value at the end of its 5-year useful life. Trevor uses the straight-line method of depreciation. At December 31 of year 2, what is the book value of the equipment?

An asset was purchased for $5,000. Management determined that the asset has a useful life of 4 years, after which it can be sold to a salvage company for $450. What is the book value of the asset when it is fully depreciated?

Equipment cost $90,000 and has accumulated depreciation of $70,000 is sold for $12,000. The journal entry would include a

A company uses the direct method for accounting for bad debt expense. When the company determines that a customer will not pay their balance, what is the journal entry they make?

An aging of KEB company’s accounts receivable indicates that $3,000 are estimated to be uncollectible. The Allowance for Doubtful Accounts has a $800 debit balance before adjustment. What is the adjusting entry?

EmVP Inc. reported net sales of $500,000, cost of goods sold of $250,000, and accounts receivable of $40,000 and $80,000 at the beginning and end of the year, respectively. What is the average collection period?

Leon Company noted the following during it’s April 30 bank reconciliation: Cash balance per books was $4,200. Outstanding checks totaled $500. Interest earned totaled $30. A check from one of Leon’s customers in the amount of $80 was returned as NSF. What is Leon’s adjusted book balance?

CTB Company received a two-month, 9%, $9,000 note in exchange for Emma Kelly’s outstanding accounts receivable. The entry by CTB Company would include a:

Which of the following factors are examples of reservoirs in the chain of infection?  (Select all that apply).

False fingernails, long natural nails, nail polish and jewelry have been documented to: