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I can not figure out how to calculate the 2 reddened areas JOURNAL Score: 121/125 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES
I can not figure out how to calculate the 2 reddened areas
JOURNAL Score: 121/125 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jul. 1 Delivery Truck 55,400.00 1 2 Cash 55,400.00 + 3 8,892.00 1 4 8.892.00 1 5 17,498.00 1 6 41,047.00 1 7 Oct. 2 Depreciation Expense-Delivery Truck Accumulated Depreciation Delivery Truck Oct. 2. Cash Accumulated Depreciation-Delivery Truck Loss on Sale of Delivery Truck Delivery Truck Adjusting Entries Dec 31 Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck 8,353.00 1 8 49.400.00 1 9 10 6,925.00 1 6.925.00 The following transactions and adjusting entries were completed by Legacy Furniture Co. during a free-year period. All are related to the use of delivery equipment. The double declining-balance menog or decreciation is used. Yea 1 Jan 4 Purchased a used delivery truck for $28.000, paying cash. Nov 2 Paid garage 5635 for miscellaneous repairs to the truck Dec 31 Recorded depreciation on the back for the year. The estimated useful life of the truck is four years, with a residual value of 54,640 for the truck Year 2 Jan 6 Purchased a new truck for $49,400, paying cash. Apr 1 Sold he used truck purchased on Jan. 4 of Year 1 for $15,180. Record depreciation to date in Year 2 for the truck) June 11 Paid garape $470 for miscellaneous repairs to the truck Dec 31 Recorded depreciation for the new truck Thas an estimated residual value of $9,470 and an estimated life of five years. Year 3 July 1 Purchased a new truck for $55,400, paying cash Sold the truck purchased January 6, Year 2 for $17,498. Record depreciation to date for Year 3 for the truck) Dec 31 Recorded depreciation on the remaining truck purchased on July 1. has an estimated residual value of $12.955 and an estimated useful life of eight years. Oct 2 Joumalize the transactions and the adjusting entries. Refer to the Chart of Accounts for exact wording of account toesStep by Step Solution
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