Century Security Services Purchased New Communications Equipment for $30,000 on October

question 118

Essay

Century Security Services purchased new communications equipment for $30,000 on October 1,2012.It will have a useful life of 5 years.Century records depreciation every month.Please provide the depreciation entry needed on October 31,2012.
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Definitions:

Rescission

The act of canceling, voiding, or annulling a contract, returning the parties to their positions prior to the contract.

Usury

Charging an illegal rate of interest.

Lawful Maximum

The highest limit allowed by law, often referring to interest rates, fees, or other financial charges.

Interest Rate

An Interest Rate is the percentage charged on the total amount of borrowed money or paid on savings, over a specific period of time.