financial accounting three question

Financial Accounting Final

Cambridge College

Spring 2016

1) Please make entries , t accounts, trial balance , balance sheet and income statement for the following:

Bought a car for 1000

Sold services for 50000

Paid rent for 1000

Took a loan for cash 1000

Sold items on account receivable for 500

Got paid 100 on the accts receivable

2) You have the following accounts receivable balances

30 days due 1000 rate of uncollectible is 10%

31-60 days due 2000 rate of uncollectible is 20%

61-90 days due 4000 rate of uncollectible is 30%

Make the bad debt and uncollectible contra acct entry

3) You have a 100000 building that has a useful life of 10 years and a salvage value of 1000 what is the yearly depreciation entry?