(Answered) Question - simons equipment ltd purchased a delivery truck

Accounting

Question - Simons Equipment Ltd. purchased a delivery truck on June 1 for $42,000, paying $8,000 cash and signing a 6%, 2-month note for the remaining balance. The estimated useful life of the truck is expected to be 5 years. Simons prepares monthly financial statements.

Instructions

(a) Prepare the journal entry to record the purchase of the delivery truck on June 1.

(b) Prepare any adjusting journal entries that should be made on June 30.

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