Journalize the Year 1 transactions and adjusting entries on Page 1.

Journalize the Year 2 transactions and adjusting entries on Page 2.

Journalize the Year 3 transactions and adjusting entries on Page 3.

Instructions The following transactions and adjusting entries were completed by Legacy Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance method of depreciation is used. Year 1 Jan. 4. Nov. 2. Purchased a used delivery truck for $27,680, paying cash. Paid garage $725 for miscellaneous repairs to the truck. Recorded depreciation on the truck for the year. The estimated useful life of the truck is four years, with a residual value of $4,900 for the truck. Dec. 31. Year 2 Jan. 6. Apr. 1 June 11. Purchased a new truck for $49,850, paying cash. Sold the used truck for $15,050. (Record depreciation to date in Year 2 for the truck.) Paid garage $450 for miscellaneous repairs to the truck. Record depreciation for the new truck. It has an estimated residual value of $9,185 and an estimated life of five years. Dec. 31. Year 3 July 1. Oct. 2 Purchased a new truck for $53,640, paying cash. Sold the truck purchased January 6, Year 2 for $17,607. (Record depreciation to date for Year 3 for the truck.) Recorded depreciation on the remaining truck. It has an estimated residual value of $12,345 and an estimated useful life of eight years. Dec. 31. JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 5 Adjusting Entries 6 7 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 5 6 7 8 9 10 11 Adjusting Entries 12 13 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 Adjusting Entries 10 11