162. A company purchases new equipment for $24,000 cash on August 1, 2015. At the time of purchase, the equipment is expected to be used in operations for four years (48 months) and have no resale or...

162. A company purchases new equipment for $24,000 cash on August 1, 2015. At the time of purchase, the equipment is expected to be used in operations for four years (48 months) and have no resale or scrap value at the end. The company depreciates the equipment evenly over the 48 months ($500/month). Record the adjusting entry for depreciation on December 31, 2015.

163. Suppose a customer rents a vehicle for four months from Rent-A-Car on October 1, paying $4,000 ($1,000/month). Record Rent-A-Car’s adjusting entry on December 31.

164. A company pays its employees $5,600 every two weeks ($400/day). The current two-week pay period ends on December 26, 2015, and employees are paid $5,600. The next two-week pay period ends on January 9, 2016, and employees will be paid $5,600. Record the adjusting entry on December 31, 2015.