In: Accounting
No. | Accounts Title and Explanation | Debit | Credit | |
1) | Depreciation Expense | 70,000 | (840000/12) | |
Accumulated Depreciation - Equipment | 70,000 | |||
(To record depreciation expense) | ||||
2) | Interest Expense | 20,000 | ||
Interest Payable | 20,000 | |||
(To record interest accrued on loan) | ||||
3) | Insurance Expense | 23,000 | (30000-7000) | |
Prepaid Insurance | 23,000 | (30000-7000) | ||
(To record insurance expense) | ||||
4) | Rent Expense | 35,000 | (140000/4) | |
Prepaid Rent | 35,000 | |||
(To record rent expense) | ||||
5) | Salary Expense | 28,000 | ||
Salary Payable | 28,000 | |||
(To record salary accrued) | ||||