1. The business began on July 1, 2020.

2 The period under consideration is July 1, 2020 - June 30, 2021

3. Straight-line depreciation method is used.

Please post these asjusting entries

depreciation

July 1, 2020 - The business purchased equipment and fixtures for $20,000 in cash.

The assets have a useful life of 10 years.

July 1, 2020 - The company purchased delivery van value at $40,000 with a $15,000 down payment and a 3-year, $25,000 note payable with an annual intereste rate of 6%. The truck has a 10-year useful life. The monthly payment including principal and interest is $760.55.