ADJUSTING JOURNAL ENTRY QUIZ 3 1. JHJ Rental Car Company in 2017 purchased supplies on account costing $50,000.00. At the end of the year supplies on hand totaled $10,000.00. Required: Record the adjusting entry required at year-end. 40,000 2. In 2018, JHJ Rental Car Company purchased supplies paying cash in the amount of $25,000.00 and purchased an additional $30,000.00 in supplies on account Required: Record the adjusting entry required at year-end in 2018 if supplies on hand totaled $20,000.00. Your adjusting entry should reflect beginning supplies for 2018 from 2017 totaling $10,000 3. JHJ Rental Car Company purchases on January 1, 2017 ten autos for $40,000 each paying $100,000 down. The autos will be depreciated over a year useful life. Record the adjusting entry for depreciation expense on December 31 and show the balance sheet presentation. Assume o salvage. 4. Assume JHJ Rental car company owned the cars purchased in exercise 1 on December 31,2018. Prepare the adjusting required at December 31, 2018 and show the balance sheet presentation Account # ACCOUNTS DEBITS CREDITS TRANSACTION TYPE Receive Something of Give Value Something of Value 2017 AUTOS LESS ACC DEPR NET BOOK VALUE 400,000 80,000 320,000 2018 AUTOS LESS DEPR NET BOOK VALUE 400,000 160,000 240,000 SUPPLIES AUTOS ACC DEPR CREDIT CREDIT DEBIT DEBIT 50,000 DEBIT 400,0000 AJE 40,000 CREDIT 80,000 80,000 160,000 BAL 10,000 25,000 30,000 65,000 BAL 20,000 AJE 45,000 DEBIT CREDIT DEBIT CREDIT DEPR EX DEBIT CREDIT 80,000 80,000