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.
Definitions:
Express or Implied Agreement
A mutual understanding between parties to a contract where terms are specifically stated (express) or suggested by actions or circumstances (implied).
Partnership Capital
Funds contributed by partners to a partnership for the purpose of financing its operations, shared according to the partnership agreement.
Majority of Partners
The term "majority of partners" refers to more than half of the individuals in a partnership who hold the power to make decisions binding the partnership.
Limited Partner
A partner who may not actively participate in the management of the firm, but has limited liability.
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