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Rhodes National purchased software on October 1, 2018 for $14,400. The company expects to use the software for 3 years. It has no salvage value.
1. What adjusting journal entry should the company make at the end of each month if monthly financials are prepared? (annual depreciation is $4,800)
2. What balance will be reported on the December 31, 2018 balance sheet for Accumulated Depreciation?
Sales Increase
A rise in the volume or amount of products or services sold by a business.
Break-Even Sales
The amount of revenue needed to cover both fixed and variable expenses, resulting in a net income of zero.
Variable Expenses
Costs that change in proportion to the activity of a business.
Fixed Expenses
Expenses that remain constant regardless of the amount of goods produced or sold, including lease payments, wages, and coverage costs.
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