Question

15) Barker Enterprises paid $30,000 cash for a new auto on January 1, 2018, the first day of its fiscal year. The auto is expected to remain useful for six years. At the end of six years, the auto's value is expected to be zero. Accounts are adjusted only on the last day of the fiscal year. Make the journal entry to record depreciation for December 31, 2018. Omit explanations. Date Accounts Debit Credit 16) Fisher Accounting's fiscal year ends on July 31. Accounts are adjusted only on the last day of the fiscal year. On July 31, before adjusting journal entries were prepared, the balance of Supplies was $1,250. A physical count revealed $800 of supplies on hand. Prepare the July 31 adjusting journal entry. Omit explanations. Date Accounts Debit Credit

Answer 1

15.

Date	Accounts	Debit	Credit
		$	$
December 31, 2018	Depreciation Expense ( $ 30,000 / 6 )	5,000
	Accumulated Depreciation : Automobile		5,000

16.

Date	Accounts	Debit	Credit
		$	$
July 31	Supplies Expense	450
	Supplies		450