Question
On January 1, 2020, Quality First Manufacturing purchased a delivery truck for $60,000 cash. The company uses straight-line depreciation and estimates the truck will have
On January 1, 2020, Quality First Manufacturing purchased a delivery truck for $60,000 cash. The company uses straight-line depreciation and estimates the truck will have a four-year useful life. The company has a December 31 year-end and adjusts its accounts annually.
Required: Drag and drop to prepare the adjusting journal entry required on December 31, 2020. No explanation for your journal entry is required. Note: there will be unused responses when the question is complete.
| Date | Account Name | DEBIT | CREDIT |
|---|---|---|---|
| Dec 31 | blank | blank | |
| blank | blank |
Vehicles Depreciation expense Accumulated depreciation, vehicles Cash $60,000 $40,000 $20,000 $15,000 $10,000
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