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Adjustment Data for Sullivan Realty a) As of June 30, one month of prepaid...

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Accounting

Adjustment Data for Sullivan Realty
a) As of June 30, one month of prepaid rent had expired. The prepaid rent payment made in June was for
June through August.
b) A count of inventory on June 30 show $90 of office supplies remaining.
c) Use the following formula to calculate depreciation for the office equipment. But then record only one
MONTH (June) of depreciation (because the asset has only been used for one month). The cost of the
asset was given to you earlier in this project.
Note: after consulting with the company's CPA, she tells you the office equipment is expected to last 5
years.
d) Use the above formula to calculate depreciation for the vehicle. But then record only one MONTH (June)
of depreciation (because the asset has only been used for one month).
Reminder, the invoice for the vehicle stated this:
Note from CPA: Expected life of vehicle is 6 years
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