A business records annual depreciation on a company vehicle at year-end. The vehicle originally cost $32,000. It has an expected useful life of 5 years and a $2,000 salvage value. The company uses straight line depreciation.

Accounts and Explanation	Debit	Credit

A company had a total of $110,000 in sales revenue and $35,000 in service revenue during 2023. Prepare the journal entry to close the revenue accounts at year-end.

Accounts and Explanation	Debit	Credit

A company purchased $1,500 in merchandise inventory on account on December 3^rd. Most of the inventory was damaged in shipment. On December 5^th, the company returned $1,000 of the inventory to the seller. Record the purchasing companys journal entry for the return of the inventory.

Accounts and Explanation	Debit	Credit

A company sold inventory on account for $6,000 on July 10. There was no discount offered on the sale. Cost of goods sold was $3,500.

Accounts and Explanation						Debit	Credit

A company has a petty cash fund of $100. It currently has $14 cash in the lockbox and petty cash tickets for $70 in office supplies and $15 for fuel for a company vehicle. Prepare the journal entry to replenish the petty cash fund.

Accounts and Explanation						Debit	Credit