Debit and Credit Chart Problem, fill out the manual journey form for each problem and return it as completed.1) A review...

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Debit and Credit Chart Problem,

April 14, 2018

Debit and Credit Chart Problem, fill out the manual journey form for each problem and return it as completed.


1) A review of the company's prepaid rent showed that in September JP Racing had used the Vernon Speedway for three hours per day for eight days. ($160 per hour) At the end of September, JP Racing still has available the use of the speedway for three hours per day for four days.



2) A review of JP Racing's racing supplies showed that $200 of racing supplies are still on hand at the end of September. The rest of the racing supplies had been used up during September.


3) JP Racing uses the double-declining-balance method to depreciate its race car. The car has a useful life of five years and an estimated residual value of $750. Depreciation is calculated as if the race car had been purchased at the beginning of September. JP Racing rounds all depreciation calculations to the nearest whole dollar. Hint: Remember, you are accounting for only the month of September, not the full year!


4) JP Racing uses the straight-line method to depreciate its racing equipment. The equipment has a useful life of four years and an estimated residual value of $1,100. Depreciation is calculated as if the racing equipment had all been purchased at the beginning of the September. JP Racing rounds all depreciation calculations to the nearest whole dollar. Hint: Remember, you are accounting for only the month of September, not the full year!


5) Based on its revenues and expenses, JP Racing estimates that its September income taxes will be $225. The company's taxes will be paid next month in October.










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