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S3-5 Cryptocurrency Finder is buying the first computer for their new server farm. Suppose the company paid $5,000 for this computer, which it expects to last for three years. Describe how the company would account for the $5,000 expenditure under (a) the cash basis and (b) the accrual basis. State in your own words why the accrual basis is more realistic for this situation... a) Cash Basis: Record Expenses Amount: $5000 b) Accrual Basis: Record Asset Amount: $5000 The accrual basis is more realistic. Computers are an asset. The cost of the damage to the computer is an expense, and is unrealistic. E3-5 Compute the amounts indicated by question marks for each of the following Prepaid Rent situations. For situation A, make the needed journal entry. Consider each situation separately. A) 24,000B) 13,000C)6,8000D)9,7000E) 1,500 5,00018,0004,000 P3-4A FancyJohns, the luxury portable toilet rental company, has collected the following data for the December 31 adjusting entries... A) Dec 31SalariesExpense7,000 Salaries Payable7,000 B) Dec 31Prepaid Insurance19,000 Cash19,000 C) Dec 31Supplies Expense6,800 Account6,800
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