On april 1, 2019, the kb toy company purchased equipment to be used in its manufacturing process. the equipment cost $55,200, has an eight-year useful life, and has no residual value. the company uses the straight-line depreciation method for all manufacturing equipment. on january 4, 2021, $14,850 was spent to repair the equipment and to add a feature that increased its operating efficiency. of the total expenditure, $2,700 represented ordinary repairs and annual maintenance and $12,150 represented the cost of the new feature. in addition to increasing operating efficiency, the total useful life of the equipment was extended to 10 years.
required: 1. prepare journal entries for the depreciation for 2019 and 2020.
2. prepare journal entries for the 2021 expenditure.
3. prepare journal entries for the depreciation for 2021.

Tiana daniels enterprise’s trial balance as at december 31, 2016 did not balance. on february 15, 2017 the following errors were detected: errorsi. water rates had been undercast by $2, 000.  ii. a cheque paid to yvonne walch of $2, 680 had been posted to the credit side of her account.  iii. discount received total of $1, 260 had been posted to the debit side of the discount allowed account as $1, 620.  iv. rent paid in the amount of $24, 000 had been posted to the credit of the rent received account.  v. wayne returned goods valuing $1, 680 to daniels enterprise but had been completely omitted from the books.    required: 1. prepare the journal entries to correct the errors.  (narrations required)                    14.5 marks  2.    prepare the suspense account showing clearly the original trial balance error.          8 marks

Use the following account numbers and corresponding account titles to answer the following question. account no. account title (1) cash (2) merchandise inventory (3) cost of goods sold (4) transportation-out (5) dividends (6) common stock (7) selling expense (8) loss on the sale of land (9) sales which accounts would appear on the income statement?

Which represents a surplus in the market? a market price equals equilibrium price. b quantity supplied is greater than quantity demanded. c market price is less than equilibrium price. d quantity supplied equals quantity demanded.