Hello everyone, this question is driving me mad. Although I did solve most of it, its just the accumulated amortization and amortization expense part that's driving me crazy.
Here's the relevant data:
SCENIC TOURS LIMITED
Trial Balance
June 30, 2006
Equipment, Debit: 13,440
Accumulated amortization—equipment, Credit: 3,300
Buses, Debit: 140,400
Accumulated amortization—buses, Credit: 46,800
Additional information:
The equipment has an estimated useful life of eight years. The buses have an estimated useful life of six years.
And the question:
What should be the following amounts in the Adjusted Trial Balance at June 30, 2006?
Accumulated amortization—equipment, Credit:_________
Accumulated amortization—buses, Credit:________
Amortization expense, Debit:________