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Transactions for fixed assets, including sale Instructions Chart of Accounts Journal Instructions X The following transactions and adjusting entries were completed by Legacy Furniture Co duning 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 Purchased a used delivery truck for $28,000 paying cash Nov 2 Dec 31 Paid garage 5675 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 $5,000 for the truck Year 2 Jan 6 Purchased a new truck for $48.000. paying cash Apr 1 Sold the used truck for 515,000 (Record depreciation to date in Year 2 for the truck) June 11 Paid garage $450 for miscellaneous repairs to the truck Record depreciation for the new truck It has an estimated residual value of $9,000 and an estimated Dec 31 life of five years Year 3 July 1 Purchased a new truck for $54.000 paying cash Oct 2 Sold the truck purchased January 6 Year 2 for $16.750 (Record depreciation to date for Year 3 for the Dec 31 truck) Recorded depreciation on the remaining truck. It has an estimated residual value of $12.000 and an estimated useful ide of eight years Journaise the transactions and the adjusting entries Refer to the Chart of Accounts for exact wording of account titles Instructions Chart of Accounts Journal Journal Journalize the transactions and the adjusting entries. Refer 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 PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 3 2 5 Adjusting Entries 7 Journalize the Year 2 transactions and adjusting entries on Page 2 PAGE 2 JOURNAL ACCOUNTING EQUATION DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY Journal PAGE 2 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 2 5 - E 9 Adjusting Entries 12 . Journalize the Year 3 transactions and adjusting entries on Page 3 PAGES ACCOUNTING EQUATION JOURNAL Journal 10 11 Adjusting Entries 12 13 Journalize the Year 3 transactions and adjusting entries on Page 3 PAGE 3 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 2 min Adjusting Entries 10 11 Instructions Chart of Accounts Journal 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 Purchased a used delivery truck for $28,000 paying cash Nov.2. Paid garage $675 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 Dec. 31 a residual value of $5,000 for the truck. Year 2 Jan. 6 Purchased a new truck for $48,000 paying cash Apr. 1 Sold the used truck for $15,000. (Record depreciation to date in Year 2 for the truck.) June 11 Paid garage 5450 for miscellaneous repairs to the truck Record depreciation for the new truck. It has an estimated residual value of $9,000 and an estimated Dec 31 life of five years Year 3 July 1 Purchased a new truck for $54,000, paying cash Oct 2 Sold the truck purchased January 6, Year 2 for $16,750 (Record depreciation to date for Year 3 for the truck.) Recorded depreciation on the remaining truck. It has an estimated residual value of $12,000 and an estimated useful life of eight years Dec. 31 Journakze the transactions and the adjusting entries. Refer to the Chart of Accounts for exact wording of account titles Instructions Chart of Accounts ouma X Chart of Accounts CHART OF ACCOUNTS Legacy Furniture Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 112 Accounts Receivable 620 Gain on Sale of Delivery Truck 114 Interest Receivable 621 Gain on Sale of Equipment 115 Notes Receivable EXPENSES 116 Merchandise Inventory 117 Supplies 510 Cost of Merchandise Sold 520 Salaries Expense 119 Prepaid Insurance 521 Advertising Expense 120 Land 522 Depreciation Expense-Delivery Truck 123 Delivery Truck 523 Delivery Expense 525 Truck Repair Expense 124 Accumulated Depreciation-Delivery Truck 125 Equipment 126 Accumulated Depreciation-Equipment 529 Selling Expenses 531 Rent Expense 130 Mineral Rights 131 Accumulated Depletion 532 Depreciation Expense-Equipment 533 Depletion Expense 534 Amortization Expense-Patents 132 Goodwill 133 Patents 535 Insurance Expense LIABILITIES 536 Supplies Expense 539 Miscellaneous Expense 210 Accounts Payable Chart of Accounts Hier Chandise Vemuiy LAILIULU 117 Supplies 510 Cost of Merchandise Sold 119 Prepaid Insurance 520 Salaries Expense 120 Land 521 Advertising Expense 522 Depreciation Expense-Delivery Truck 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 523 Delivery Expense 125 Equipment 525 Truck Repair Expense 126 Accumulated Depreciation-Equipment 529 Selling Expenses 130 Mineral Rights 531 Rent Expense 131 Accumulated Depletion 132 Goodwill 532 Depreciation Expense-Equipment 533 Depletion Expense 534 Amortization Expense-Patents 133 Patents 535 Insurance Expense LIABILITIES 536 Supplies Expense 539 Miscellaneous Expense 210 Accounts Payable 211 Salaries Payable 710 Interest Expense 213 Sales Tax Payable 720 Loss on Sale of Delivery Truck 214 Interest Payable 721 Loss on Sale of Equipment 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary Instructions Chart of Accounts Journal Journal Journalize the transactions and the adjusting entries. Refer 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 PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 Adjusting Entries Journalize the Year 2 transactions and adjusting entries on Page 2 PAGE 2 JOURNAL ACCOUNTING EQUATION DESCRIPTION POST REF DEBIT CREDIT ASSETS DATE LIABILITIES EQUITY suullois HALOL Accounts Journal Journal PAGE 2 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LABILITIES EQUITY 1 2 5 4 5 7 9 10 11 Adjusting Entries 12 13 Journalize the Year 3 transactions and adjusting entnes on Page 3 PAGE 3 ACCOUNTING EQUATION JOURNAL Journal 11 Adjusting Entries 12 $ Journalize the Year 3 transactions and adjusting entries on Page 3 PAGE 3 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 5 6 1 Adjusting Entries 13 Check My Work