On July 1 the Fog Forest Gallery paid $8,000 to Tapley Realty for 4 months...
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Accounting
On July 1 the Fog Forest Gallery paid $8,000 to Tapley Realty for 4 months rent beginning July 1. Prepaid Rent Expense was debited for the full amount. If financial statements are prepared on July 31, the adjusting entry to be made by the Fog Forest is On July 1, 2015, Nuby Trucking Company purchased a new truck for $52,000. The truck is estimated to have a useful life of six years and a residual value of $10,000 How much depreciation expense will be recorded for the truck during the year ended December 31, 2015
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