not sure how to do the jounral entires/ figure them out from 6-12! Please help!! thanks in advance
The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International during 2018 and 2019. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for patents. 2018 January 2 Paid $90,000 cash to purchase storage shed components. January 3 Paid $5,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value of $8,000. April 1 Paid $33,000 cash to purchase a pickup truck for use in the business. The truck has an estimated useful life of five years and a residual value of $6,000. May 13 Paid $100 cash for minor repairs to the pickup truck's upholstery. July 1 Paid $25,000 cash to purchase patent rights on a new paper bag manufacturing process. The patent is estimated to have a remaining useful life of five years. December 31 Recorded depreciation and amortization on the pickup truck, storage shed, and patent. 2019 June 30 Sold the pickup truck for $28,000 cash. (Record the depreciation on the truck prior to recording its disposal.) December 31 Recorded depreciation on the storage shed. Also determined that the patent was impaired and wrote off its remaining book value (i.e., wrote down 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.) View transaction list View journal entry worksheet X D Credit ebit 90,000 90,000 6 Record the depreciation and amortization expense on the pickup truck, storage shed and patent for the year. 5,000 Record the depreciation for the truck up to the date of sale. 5,000 * Record the sale of the truck for $28,000 cash. 33,000 33,000 9 Record the depreciation on the storage shed for the year. 100 10 Record the Patent Amortization expense for the full year. 25,000 25,000 11 Record the reversal of the accumulated amortization of patents. Note : = journal entry has been entered 19,000 The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International during 2018 and 2019. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for patents. 2018 January 2 Paid $90,000 cash to purchase storage shed components. January 3 Paid $5,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value of $8,000. April 1 Paid $33,000 cash to purchase a pickup truck for use in the business. The truck has an estimated useful life of five years and a residual value of $6,000. May 13 Paid $100 cash for minor repairs to the pickup truck's upholstery. July 1 Paid $25,000 cash to purchase patent rights on a new paper bag manufacturing process. The patent is estimated to have a remaining useful life of five years. December 31 Recorded depreciation and amortization on the pickup truck, storage shed, and patent. 2019 June 30 Sold the pickup truck for $28,000 cash. (Record the depreciation on the truck prior to recording its disposal.) December 31 Recorded depreciation on the storage shed. Also determined that the patent was impaired and wrote off its remaining book value (i.e., wrote down 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.) View transaction list View journal entry worksheet Credit Debit 90,000 90,000 7 Record the depreciation for the truck up to the date of sale. 5,000 8 Record the sale of the truck for $28,000 cash. 5,000 9 Record the depreciation on the storage shed for the year. 33,000 33,000 10 Record the Patent Amortization expense for the full year. 100 11 Record the reversal of the accumulated amortization of patents. 25,000 12 Record any impairment loss incurred on the patent. 25,000 Note : = journal entry has been entered 10
