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i need help Journal entry worksheet Record the depreciation for the truck up to the date of sale. Note: Enter debits before credits. Journal entry
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Journal entry worksheet Record the depreciation for the truck up to the date of sale. Note: Enter debits before credits. Journal entry worksheet Record the reversal of the accumulated amortization of patents. Note: Enter debits before credits. Journal entry worksheet (1) 5 7 8 9 Record the Patent Amortization expense for the full year. Note: Enter debits before credits. The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance depreciation for bullings, and straight-line amortization for patents. January 2,2020 Paid $90,000 cash to purchase storage shed component:5. Jasuary 3, 2020 Paid $5,000 cash to have the storage shed erected. The storage shed bas an estinated life of 10 years and a residual value of $8,000. April 1, 2020 Paid $33,000 cash to parchase a pickup truck for use in the busineall. The truck has an estimated uneful life of five years and a residual value of $6,000. This vehicle is to be recorded in the 7ruck account. May 13, 2020 Pald $100 eash for minor repairs to the pickup truck's upholstery. July 1, 2020 Pald $25,000 cash to purchase patent rights on a now paper bag manufacturing process. The patent is estinated to have a remaining tseful iffe of five years. December 31, 2020 Recorded deprecistion and amortization on the piokup truck, storage shed, and patent. Jase 30, 2021 Sold the plokup truck for $28,000 cash. (Record the depreciation on the truck prior to recording 1t s disposal.) December 31, 2021 Recorded depreciation on the storage shed. Mecorded the patent amortization. Rfter recording the patent anortization, determined that the patent was impaired and wrote oft its remaining book value (1.e., wrote dowa the book value to zero). Required: Prepare the journal entries required on each of the above dates. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. Do not round intermediate calculations.) Journal entry worksheet 1 5 6 7 8 9 Record any impairment loss incurred on the patent. Note: Enter debits before credits. Vew transaction list Vew journal entry workshet \begin{tabular}{|c|c|c|c|c|c|} \hline & No & Date & General Journal & Debit & Credit \\ \hline \multirow[t]{2}{*}{i} & 1 & January 02,2020 & Buildings & 90,000 & \\ \hline & & & Cash & & 90,000 \\ \hline & 2 & January 03,2020 & Buldings & 5,000 & \\ \hline & & & Cash & & 5,000 \\ \hline & 3 & Aprit 01, 2020 & Truck & 33,000 & \\ \hline & & & Cash & & 33,000 \\ \hline \multirow[t]{2}{*}{1} & 4 & May 13,2020 & Ropairs and Maintenance Expense & 100 & \\ \hline & & & Cash & & 100 \\ \hline & 5 & July01,2020 & Patents & 25,000 & \\ \hline & & & Cash & - & 25,000 \\ \hline \multirow[t]{4}{*}{/} & 6 & \begin{tabular}{l} December 31 . \\ 2020 \end{tabular} & Depreciation Expense & & \\ \hline & & & Accumulated Amortization & & \\ \hline & & & Accumulated Depreclation-Buldings & & \\ \hline & & & & & \\ \hline \end{tabular} Inurnal antry workchaet Journal entry worksheet (1) ,4 5 6 8 Record the depreciation on the storage shed for the year. Note: Enter debits before credits. Journal entry worksheet (1) 2 3 7 8 12 Record the depreciation and amortization expense on the pickup truck, storage shed and patent for the year. Note: Enter debits before credits Step by Step Solution
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