Mayan Company had net income of $132,000. The company had 89,000 shares of common stock issued. The company had 9,000 shares of
1 answer:
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Answer:
Kindly check the attached images below for the well arranged account entries
Explanation:
1
Date General Journal Debit Credit
Jul 01,2022 Equipment 25550 =15800+6800+2950
Prepaid Insurance 2750
Cash 28300
2
Date General Journal Debit Credit
Dec 31,2022 Depreciation expense 1915 =(25550-6400)/5*6/12
Accumulated Depreciation-Equipment 1915
3
Year Depreciation expense Accumulated
Depreciation Book value
2022 1915 1915 23635
2023 3830 5745 19805
2024 3830 9575 15975
2025 3830 13405 12145
2026 3830 17235 8315
2027 1915 19150 6400
Total 19150
4
Date General Journal Debit Credit
Dec 31,2022 Insurance expense 1375 =2750*6/12
Prepaid insurance 1375
