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1 2 Concord Company incurs the following expenditures in purchasing a truck: cash price $55,000, accident insurance (during use) $2,900, sales taxes $3,000, motor vehicle
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Concord Company incurs the following expenditures in purchasing a truck: cash price $55,000, accident insurance (during use) $2,900, sales taxes $3,000, motor vehicle license $225, and painting and lettering $525. What is the cost of the truck? Cost of the truck $ Bridgeport Company had the following two transactions related to its delivery truck. 1. Paid $155 for an oil change. 2. Paid $640 to install special gear unit, which increases the operating efficiency of the truck. Prepare Bridgeport's journal entries to record these two transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 2
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