On January $1,2017,$ Land's End Construction purchased a used truck for $$48,500.$ A new motor had to be installed to get the truck in good working order; the costs were $$19,000$ for the motor and $$7,300$ for the labour. The truck was also painted for $$5,800.$ It was ready for use by January $4.$ A $12-$month insurance policy costing $$4,700$ was purchased to cover the vehicle. The driver filled it with $$290$ of gas before taking it on its first trip. It is estimated that the truck has a five$-$year useful life and a residual value of $$8,600.$ Land's End uses the straight$-$line method to depreciate all of its vehicles. $($If no entry is required for a transaction$/$ event, select $"$No journal entry required" in the first account field.$)$

a$.$ Prepare the entry to record the purchase of truck, insurance, and gas.

Journal entry worksheet

$1$

$2$

Record the purchase of Truck.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$January $01,2017,,,],[,,,],[,,,],[,,,],[,,,]]$

On January $1,2017,$ Land's End Construction purchased a used truck for $$48,500.$ A new motor had to be installed to get the truck in good working order; the costs were $$19,000$ for the motor and $$7,300$ for the labour. The truck was also painted for $$5,800.$ It was ready for use by January $4.$ A $12-$month insurance policy costing $$4,700$ was purchased to cover the vehicle. The driver filled it with $$290$ of gas before taking it on its first trip. It is estimated that the truck has a five$-$year useful life and a residual value of $$8,600.$ Land's End uses the straight$-$line method to depreciate all of its vehicles. $($If no entry is required for a transaction$/$ event, select $"$No journal entry required" in the first account field.$)$

a$.$ Prepare the entry to record the purchase of truck, insurance, and gas.

Journal entry worksheet

$1$

$2$

Record the expenses incurred.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[\backslash$table$[[$January $04,],[2017]],,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$

$$