On January 1, 2007, Kenyan Company had Notes Receivable of $11,000. The note receivable is from Brennan Company. It is a 4-month, 9% note dated December 31, 2006. During the year the following selected transactions occurred (Kenyan Company uses a periodic inventory system.). Jan. 5 Sold...

1.The owner invested a computer on dec. 1, 2009, worth 75,000. Adjusting entries on Dec. 31, 2009. =the computer is already used for two years and has a remaining life of 2 years. 2. The furniture is bought dec. 6, 2009. At the end of the month, will there be an adjusting entries? what will be...

Equipment purchased at the beginning of the fiscal year for $185,000 is expected to have a useful like of 5 years, or 15000 operating hours, and a second year value of $15,000. Compute the depreciation for the first and secon years of use by each of the following methods (a) straight line (b)...