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ASAP Jessica Grewal decided to open a food truck business, the Somosa Shack. She encountered the followng trancactions in managing her equipment over the first
ASAP
Jessica Grewal decided to open a food truck business, the Somosa Shack. She encountered the followng trancactions in managing her equipment over the first 2 years of her business. Apral 1, zees october 1, 2021 oecheer 31, 2021 Apr21 1, 2022 oecenter 31, 2022 march 31, 2023 thet she incurred are is,iee for insurance on the truck for the first yeer, and si, eoe to have the truck painted with her somosa shed lopo, jessice estinites that the trukk wovid last s years residual value. The oven broke oon and cost 35,6ee to repair. necorsed the adjustine entry for depreciatice and insurance. neplaced all of the tires with all season tires for 31 , pee und prid another year of insurance for st, 100 : necorded the ajusture entry for depreciution and insurance. jessica was exteusted fron the food truck tusiness, and secioed to po back to retool and sell the for the oven conoment. Note: The company caiculates depreciotan using the straight the method to the nearest moneh Required: Required: Record all the entries for the 2 years that Jessico owned the truck, including the disposal of the truck and oven Journal entry worksheet (1) 2 3 5 6 7 e 12 Aecord repairs for truck. 2 Record repairs for truck. 3 Record insurance expense of 2021 for 9 months. 4 Record depreciation of truck. 5 Record depreciation of oven. 6 Record purchase of tires and insylance for year. 7 Record 1 year of insurance expense. 8 Record depreciation of truck. 9 Rernrd denreriation of nuen Note : O= journal entry has been entered 5 Record depreciation of oven. 12 6 Record purchase of tires and insurance for year. 7 Record 1 year of insurance expense. 8 Record depreciation of truck. 9 Record depreciation of oven. 10 Record the partial year depreciation of Truck. 11 Record the partial year depreciation of Oven. 12 Record the gain or loss on sale of truck. Note : = journal entry has been entered Step by Step Solution
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