Prepare year-end adjusting journal entries for the following items: (no monthly recordkeeping of adjustments has been done) (6 marks)

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.

General Journal Page 17
Date		Particulars	P.R.	Debit	Credit
Dec	31