31) A 20-month insurance policy was purchased for $1,500 on May 1. How much insurance will be expensed on December 31?
32) A plot of land with a cost of $15,000, a salvage value of $3,000, and expected life of 20 years was purchased on September 1. What will be the depreciation expense recorded on December 31?
33) Supplies on hand were $777 of the original $1,034. Calculate the adjusting amount for supplies for the year 2.
34) A machine costing $45,000 has a life of 12 years. The salvage value is $10,000. It was purchased on February 1. Calculate the depreciation expense for the year.
35) A piece of equipment cost $1,000 and has a salvage value of $200. If it has an 8-year life. Calculate the annual depreciation expense under straight-line depreciation.
36) A machine with a salvage value of $4,000 and a cost of $36,000 was purchased on January 1, 2012. What is the depreciation expense for 2012 if the company uses straight-line depreciation for 10 years?
37) At the beginning of the period, the supplies account has a balance of $500. At the end of the period, the balance in the account was $275. Prepare the adjusting entry.