Instructions The following transactions and adjusting entries were completed by Legacy Furniture Coduring a three-year period. Al se related to the use of delivery equipment. The double decling balance method of decision is used Yoar 1 Jan. 4 Nov. 2 Purchased a used delivery luck for $28.400, payog cash. Paid garage 5710 for miscellaneous repairs to the truck Recorded depreciation on the truck for the year. The estimated that ite of the truck is four years, with residual nt of 4 605 for the truck Dec 31 Year 2 Jan 6 Apr. 1 Purchased a new truck for $46.800, paying cash. Sout the used truck purchased on Jan, 4 of Year 1 for $15,146. (Record depreciation to dato in Your 2 for the truck.) Paid garage $466 for miscelaneous ropars to the truck Recorded depreciation for the new truck. It has an estimated resouw value of $8,540 and an estimated ute of five years June 11 Dec 31 Year July 1 Oct 2 Purchased a new truck for 162,060, paying cash Sold the truck purchased January 6, Year 2. for 316.366. Record detection to date for years to the truck) Recorded depreciation on the remaining Vuck purchased on July 1 It has an estimated residual valve of $12,375 and an estimated useful le of eight years Dec 31 CHART OF ACCOUNTS Legacy Furniture Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 112 Accounts Receivable 114 Interest Receivable 620 Gain on Sale of Delivery Truck 621 Gain on Sale of Equipment 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 EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Delivery Truck 523 Delivery Expense 525 Truck Repair Expense 529 Selling Expenses ran Instructions Chart of Accounts Journal Shart of Accounts 124 Accumulated Depreciation-Delivery Truck 125 Equipment 126 Accumulated Depreciation-Equipment 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 133 Patents 523 Delivery Expense 525 Truck Repair 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 710 Interest Expense 720 Loss on Sale of Delivery Truck 721 Loss on Sale of Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Owner's Capital 311 Owner's Drawing Joumalize the transactions and the adjusting entries. Rester to the Chart of Accounts for exact wording of account titles. Scroll down to access pages 2 and 3 of the journal Journalize the Year 1 transactions and adjusting entries on Page 1 PAGES JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REF DENT CENT ASSETS LATES EOLITY Adjusting Entries 7 PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRPTION POST, REF DERIT CREDIT ASSETS LIABUTI EQUITY 1 2 1 4 5 ? 9 10 Adjusting Entries 12 15 PAGE) JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASCETS UABILITIES EQUITY 1 2 1 Adjusting Entries 10 11
