Prepare year-end adjusting journal entries for the following items: A $50,000 truck was purchased 4 months ago.

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Prepare year-end adjusting journal entries for the following items:

A $50,000 truck was purchased 4 months ago. It is estimated to have a useful life of 4 years, at which time it will be sold for $7,000. Record the depreciation expense

The supplies account has a debit balance of $535, but a count of the supplies indicates a true balance of only $167.

Two months ago, you paid for 6 months of rent in advance ($6000) (you used the current asset account “prepaid rent”. Record the expense.

Related Book For answer-question

Financial Accounting and Reporting a Global Perspective

ISBN: 978-1408076866

4th edition

Authors: Michel Lebas, Herve Stolowy, Yuan Ding

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Posted Date: Dec 13, 2023 04:41 AM

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Prepare year-end adjusting journal entries for the following items: A $50,000 truck was purchased 4 months ago.

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The following are the yearend adjusting journal entries 1 Depreciation of the truck First let us cal... View the full answer

Financial Accounting and Reporting a Global Perspective

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