Essay
Rhodes National purchased software on October 1, 2018 for $14,400. The company expects to use the software for 3 years. It has no salvage value.
1. What adjusting journal entry should the company make at the end of each month if monthly financials are prepared? (annual depreciation is $4,800)
2. What balance will be reported on the December 31, 2018 balance sheet for Accumulated Depreciation?
Correct Answer:
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1. Depreciation Expense 400
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