Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Need help ASAP!! PB9-4 (Algo) Recording Transactions and Adjustments for Tangible and Intangible Assets [LO 9-1, LO 9. 2, LO 9-3, LO 9-4, LO 9-5,
Need help ASAP!!
PB9-4 (Algo) Recording Transactions and Adjustments for Tangible and Intangible Assets [LO 9-1, LO 9. 2, LO 9-3, LO 9-4, LO 9-5, LO 9-6] The following transactions and adjusting entries were completed by a local delivery company called Fast Delivery. The company uses straight-line depreciation for delivery vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for franchise rights. Jantary 2, 2020 paid $183,000 cash to purchase a nmall warehouse building near the airport. The building has an estinated life of 20 years and a residual value of $3,600. July 1, 2020 Paid $51,000 cash to parchase a delivery van. The van has an estimated useful lite of five years and a residual value of $10,200. October 2, 2020 Paid $600 cash to paint a small office in the varehouse building. Oetober 13, 2020 paid $100 cash to get the oit changed in the delivery van. Decenber 1, 2020 Paid $78,000 caah to uPS to begin operating Fast Delivery business as a franchise using the name The UPS store. This franchise right expires in five years. December 31, 2020 Recorded depreciation and amortization on the delivery van, warehouse building, and franchise right. June 30,2021 sold the warehoube building for $146,000 cash. (Record the depreciation on the building prior to recording 1 ta disposal. December 31, 2021 Recorded depreciation on the delivery van and amortiration on the franchise right. Determined chat the franchise right vas not impaired in value. Required: Prepare the jqurnal 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.) franchise right was not impaired in value. Required: Prepare the journal entries required on each of the above dates. (If no entry is required for a transaction/e Entry Required" in the first account field. Do not round intermediate calculations.) Journal entry worksheet 6789 Record the purchase of a delivery van for $51,000 cash. Note: Enter debits before credits. Journal entry worksheet 6789 Record the payment for painting a small office in the warehouse building for $600. Note! Enter debits before credits Journal entry worksheet Record the payment for oil changes in the dellvery van of $100. Note: Enter debits before credits. Prepare the journal entries required on each of the above dates. (If no entry is required for a transaction/ev Entry Required" in the first account field. Do not round intermediate calculations.) Journal entry worksheet Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started