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I finished journal entry year one still needing help with Year two and three ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest
I finished journal entry year one still needing help with Year two and three
ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Equipment 126 Accumulated Depreciation-Equipment 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 133 Patents LIABILITIES 210 Accounts Payable REVENUE 410 Sales 610 Interest Revenue 620 Gain on Sale of Delivery Truck 621Ga. on Sale of Equipment EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Delivery Truck 523 Delivery Expense 525 Truck Repair and Maintenance Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense-Equipment 533 Depletion Expense 534 Amortization Expense-Patents 535 Insurance Expense 536 Supplies Expense 539 Miscellaneous Expense following transactions and adjusting entries were completed by Legacy Furniture Co. during a 3 -year period. All are related to the use of delivery equipment. The ble-declining-balance methed of depreciation is used Year 1 Jan 4: Purchased a used delivery truck for $32,000, paying cash. Nov 2. Paid garage $950 for mlacellaneous repairs to the truck Dec. 31. Recorded depreciation on the truck for the year. The estimated useful life of the truck is 4 years, with a residual value of $2,000 for the truck. Year 2 Jan 6. Purchased a new truck for $80,000, paying cash Apc 1. Sold the used truck for $16,000 (Record depreciation to date in Year 2 for the truck) June 11 Paid garage $310 for miscellaneous repairs to the truck Dec 31. Record depreciation for the new truck. It has an estimated residual value of $7,000 and an estmated life of 5 years Year 3 Mty 1 . Purchased a new truck for $85,000, payng cash. Oct. 2. Sold the truck purchased January 6, Year 2, for $18,250. (Record depreciation to date for Year 3 for the truck) Dec 31 Recorded depreciation on the remaining truck. It has an estimated residual value of $6,000 and an estimated useful hife of 8 years ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Equipment 126 Accumulated Depreciation-Equipment 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 133 Patents LIABILITIES 210 Accounts Payable REVENUE 410 Sales 610 Interest Revenue 620 Gain on Sale of Delivery Truck 621Ga. on Sale of Equipment EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Delivery Truck 523 Delivery Expense 525 Truck Repair and Maintenance Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense-Equipment 533 Depletion Expense 534 Amortization Expense-Patents 535 Insurance Expense 536 Supplies Expense 539 Miscellaneous Expense following transactions and adjusting entries were completed by Legacy Furniture Co. during a 3 -year period. All are related to the use of delivery equipment. The ble-declining-balance methed of depreciation is used Year 1 Jan 4: Purchased a used delivery truck for $32,000, paying cash. Nov 2. Paid garage $950 for mlacellaneous repairs to the truck Dec. 31. Recorded depreciation on the truck for the year. The estimated useful life of the truck is 4 years, with a residual value of $2,000 for the truck. Year 2 Jan 6. Purchased a new truck for $80,000, paying cash Apc 1. Sold the used truck for $16,000 (Record depreciation to date in Year 2 for the truck) June 11 Paid garage $310 for miscellaneous repairs to the truck Dec 31. Record depreciation for the new truck. It has an estimated residual value of $7,000 and an estmated life of 5 years Year 3 Mty 1 . Purchased a new truck for $85,000, payng cash. Oct. 2. Sold the truck purchased January 6, Year 2, for $18,250. (Record depreciation to date for Year 3 for the truck) Dec 31 Recorded depreciation on the remaining truck. It has an estimated residual value of $6,000 and an estimated useful hife of 8 years Step by Step Solution
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