Rhodes National purchased software on October 1, 2014 for ₤18,000. The company expects to use the software for 3 years. It has no residual value.
1. What adjusting journal entry should the company make at the end of each month if monthly financials are prepared? (annual depreciation is ₤6,000)
2. What balance will be reported on the December 31, 2014 statement of financial position for Accumulated Depreciation?

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The Answer of Rhodes National purchased software on October 1, 2014 for ₤18,000. The company expects to use the software for 3 years. It has no residual value.
1. What adjusting journal entry should the company make at the end of each month if monthly financials are prepared? (annual depreciation is ₤6,000)
2. What balance will be reported on the December 31, 2014 statement of financial position for Accumulated Depreciation?

Rhodes National Purchased Software on October 1, 2014 for ₤18,000