Prepare year-end adjusting journal entries for the following items: 

A $50,000 truck was purchased 4 months ago. It is estimated to have a useful life of 4 years, at which time it will be sold for $7,000. Record the depreciation expense

The supplies account has a debit balance of $535, but a count of the supplies indicates a true balance of only $167.

Two months ago, you paid for 6 months of rent in advance ($6000) (you used the current asset account “prepaid rent”. Record the expense.