Janus Coat Company Purchased a Delivery Truck on June 1

Essay

Janus Coat Company purchased a delivery truck on June 1 for $30,000, paying $10,000 cash and signing a 6%, 2-month note for the remaining balance. The truck is expected to depreciate $6,000 each year. Janus Coat Company prepares monthly financial statements.
Instructions:
(a) Prepare the general journal entry to record the acquisition of the delivery truck on June 1^st.
(b) Prepare any adjusting journal entries that should be made on June 30^th.
(c) Show how the delivery truck will be reflected on Janus Coat Company's balance sheet on June 30^th.