December 31 -- year-end adjusting entry needed to record amortization.

For each of the following five independent situations, journalize the adjusting entry and the related transaction (either before or after it). (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Round amounts to the nearest whole dollar.) i (Click the icon to view the situations.) Prepam noi - X Situations To record rent expense. e. June 1-purchased truck for $42,400 (cash) with an expected useful life of eight years. a. Dec. 1-business receives $6,300 for a 10-month service contract. Dec. 31 year-end adjusting entry needed to update the balance in the account. Date Accounts and Explanation Debit 42,400 June 1 Truck b. Mar. 31-work performed but not yet billed to customers for the month, $1,500. Apr. 21-received payment for the work that was completed. Cash c. Jun. 15-purchased $3,200 of office supplies on account. Dec. 31-a count of supplies shows that only $1,800 worth is left at year-end, so the balance in the account needs to be updated. To record purchase of truck. d. Feb. 2-business paid a $950 deposit for the last month's rental of a copier on a 10-month contract. Nov. 30 - the rental period for the copier ended, so the balance in the prepaid account must be updated. December 31-year-end adjusting entry needed to record amortization. Date Accounts and Explanation e. Jun. 1-purchased truck for $42,400 (cash) with an expected useful life of eight years. Dec. 31-year-end adjusting entry needed to record amortization. December 31 Amortization Expense Truck Accumulated Amortization-Truck Print Done To record partial year amortization. Help me solve this Clear all Calculator Ask my instructor Debit Media . Credit 42,400 Credit Check