The following are five unrelated events that pertain to the Rhineland Company. Prepare the indicated journal...

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The following are five unrelated events that pertain to the Rhineland Company. Prepare the indicated journal entries and/or adjusting journal entries.. AUG-1-The company purchased piece of equipment at a cost of $40,000. The estimated useful life is ten years, with an estimated salvage value of $5,000. a) Assuming that the equipment was purchased for cash, prepare the journal needed for the purchase of the equipment. b) Prepare the adjusting journal entry needed at December 31 to record depreciation for the year. SEPT 1-Lent $20,000 to a relative, receiving a one-year, 6% note. a) Prepare the journal entry needed to record the loan. b) Prepare the necessary adjusting entry needed at December 31 to accrue interest on the loan. OCT 1-Entered into an agreement with a client to perform a six-month consulting agreement, for a fee of $800 per month. The company collected the full $4,800 up front, on Oct. 1. a) Prepare the journal entry needed on Oct 1 to record the receipt of the $4,800. b) Record any the adjusting entry needed at December 31 in connection with this transaction. NOV 1-Paid four months worth of rent up front at $2,00 per month. a) Prepare the journal entry needed to record the payment at Nov 1. The following are five unrelated events that pertain to the Rhineland Company. Prepare the indicated journal entries and/or adjusting journal entries.. AUG-1-The company purchased piece of equipment at a cost of $40,000. The estimated useful life is ten years, with an estimated salvage value of $5,000. a) Assuming that the equipment was purchased for cash, prepare the journal needed for the purchase of the equipment. b) Prepare the adjusting journal entry needed at December 31 to record depreciation for the year. SEPT 1-Lent $20,000 to a relative, receiving a one-year, 6% note. a) Prepare the journal entry needed to record the loan. b) Prepare the necessary adjusting entry needed at December 31 to accrue interest on the loan. OCT 1-Entered into an agreement with a client to perform a six-month consulting agreement, for a fee of $800 per month. The company collected the full $4,800 up front, on Oct. 1. a) Prepare the journal entry needed on Oct 1 to record the receipt of the $4,800. b) Record any the adjusting entry needed at December 31 in connection with this transaction. NOV 1-Paid four months worth of rent up front at $2,00 per month. a) Prepare the journal entry needed to record the payment at Nov 1.

Answer rating: 100% (QA)

Problem 2 Aug 1 aDr Equipment 40000 Cr cash 40000 Dec 31 b Dr Depreciation 1460 Cr accumu... View the full answer