Answered step by step
Verified Expert Solution
Question
1 Approved Answer
PB 9 - 4 ( Algo ) Recording Transactions and Adjustments for Tangible and Intangible Assets [ LO 9 - 1 , LO 9 2
PBAlgo Recording Transactions and Adjustments for Tangible and Intangible Assets LO LO LO LO LO LO Answer is not complete.
tableNoDate,General JsDebit,CreditJanuary Buildings,oCash,grad,,July Vehicles,oCash,October Repairs and Maintenance Expense,Cash,October Repairs and Maintenance Expense,Cash,December Franchise Rights,Cash,grad,,December Depreciation Expense,times Accumulated DepreciationVehicles,oxtimes June Depreciation Expense,times Accumulated DepreciationBuildings,times June Accumulated DepreciationVehicles,times times Depreciation Expense,oxtimes December Amortization Expense,Franchise Rights,oxtimes Answer is not complete.
tableNoDate,General JcDebit,CreditJanuary Buildings,Cash,July Delivery Expense,xCash,October Repairs and Maintenance Expense,Cash,October Repairs and Maintenance Expense,Cash,December Franchise Rights,Cash,December Depreciation Expense,Ctimes Accumulated DepreciationVehicles,times times June Depreciation Expense,times Accumulated DepreciationBuildings,times June Depreciation Expense,times times Accumulated DepreciationVehicles,xtimes December Amortization Expense,?,Accumulated Amortization,xtimes
The following transactions and adjusting entries were completed by a local delivery company called Fast Delivery. The company uses straightline depreciation for delivery vehicles, doubledecliningbalance depreciation for buildings, and straightline amortization for franchise rights.
January Paid $ cash to purchase a small warehouse building near the airport. The building has an estimated life of years and a residual value of $
July Paid $ cash to purchase a delivery van. The van has an estimated useful life of five years and a residual value of $
October Paid $ cash to paint a small office in the warehouse building.
October Paid $ cash to get the oil changed in the delivery van.
December Paid $ cash 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 Recorded depreciation and amortization on the delivery van, warehouse building, and franchise right.
June Sold the warehouse building for $ cash. Record the depreciation on the building prior to recording its disposal.
December Recorded depreciation on the delivery van and amortization on the franchise right. Determined that the 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 transactionevent select No Journal Entry Required" in the first account field. Do not round intermediate calculations.
Answer is not complete.
tableNoDate,General JcDebit,CreditJanuary Buildings,OCash,OJuly Vehicles,theta Cash,theta October Repairs and Maintenance Expense,theta Cash,theta October Repairs and Maintenance Expense,Cash,theta :December Franchise Rights,Cash,theta December Depreciation Expense,theta Accumulated DepreciationVehicles,oxtimes June Depreciation Expense,theta times Accumulated DepreciationBuildings,theta times June Accumulated DepreciationVehicles,oxDepreciation Expense,oxtimes December Amortization Expense,Franchise Rights,times
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