Instructions June 11 Dec 31 Paid garage S280 for miscellaneous repairs to the truck. Record depreciation for the new truck. It has an estimated residual value of $7.000 and an estimated life of five years Year 3 July 1 Oct 2 Purchased a new truck for $65,000, paying cash Sold the truck purchased January 6, Year 2 for $19,520 (Record depreciation to date for Year 3 for the truck.) Recorded depreciation on the remaining truck. It has an estimated residual value of $6,000 and an estimated useful life of eight years Dec. 31 Journaize the transactions and the adjusting enmes. Refer to the Chart of Accounts for exact wording of account tules CHART OF ACCOUNTS Legacy Furniture Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue 111 Petty Cash 112 Accounts Receivable 620 Gain on Sale of Delivery Truck 621 Gain on Sale of Equipment 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory EXPENSES 117 Sunnies 510 Cost of Merchandise Sold Chart of Accounts 119 Prepaid Insurance 520 Salaries Expense 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Equipment 126 Accumulated Depreciation Equipment 130 Mineral Rights 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 131 Accumulated Depletion 132 Goodwill 133 Patents 533 Depletion Expense 534 Amortization Expense-Patents 535 Insurance Expense 538 Supplies Expense LIABILITIES Chart of Accounts LIABILITIES 210 Accounts Payable 536 Supplies Expense 539 Miscellaneous Expense 211 Salaries Payable 710 Interest Expense 720 Loss on Sale of Delivery Truck 213 Sales Tax Payable 214 Interest Payable 721 Loss on Sale of Equipment 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends