On January 2, 2024, Vaughn Corporation purchased a vehicle for $49,020 cash. The company uses straight-line depreciation and estimates that the vehicle will have a five-year useful life. The company has a December 31 year end and adjusts its accounts annually. (a) Prepare the journal entry to record the purchase of the vehicle on January 2. (Cred account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Your answer is correct. Jan. 2 Account Titles and Explanation Vehicles Cash Debit 49020 Credit 49020

On January 2.2024, Vaughn Corporation purchased a vehicle for $49,020 cash. The company uses straight-line depreciation and estimates that the vehicle will have a five-year usefullife. The company has a December 31 year end and adjusts its accounts annually. (a) Youranswer is correct. Prepare the journal entry to record the purchase of the vehicle on January 2. (Cred 1 occount titles are outomatically indented when amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the occount titles and enter ofor the amounts) Prepare the adjusting entries required on December 31, 2024 and 2025. (Credit occount titles are outomatically indented when amount is entered. Do not Indent manualhy, tist debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter of for the ainounts.)