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please help me solve this. first two photos are instructions and others are the chart of accounts for journal entries I am able to clearly
please help me solve this. first two photos are instructions and others are the chart of accounts for journal entries
I am able to clearly see the images as well as they can be enlarged if you have any issues seeing them as is
ISUUclons 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 $26,000, paying cash. Nov. 2 Paid garage $825 for miscellaneous repairs to the truck Dec. 31 Recorded depreciation on the truck for the year The estimated useful life of the truck is four years, with a residual value of $2,000 for the truck Year 2 Jan 6. Purchased a new truck for S60,000, paying cash. Apr 1 Sold the used truck for $14.000. (Record depreciation to date in Year 2 for the truck) June 11 Paid.narane 5280 for miscelananus renairs.to.the rick Instructions June 11 Paid garage $280 for miscellaneous repairs to the truck Dec. 31 Record depreciation for the new truck It has an estimated residual value of $7,000 and an estimated life of five years Year 3 July 1 Purchased a new truck for $65,000, paying cash Oct 2 Sold the truck purchased January 6, Year 2, for S19.520. (Record depreciation to date for Year 3 for the truck) Dec 31 Recorded depreciation on the remaining truck It has an estimated residual value of $6.000 and an estimated useful life of eight years JOurnalze the transections and the adustrg entres Referto the Chart of AcCounts for exact wording of account tmes suuclonS Chart of Accounts 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 116 Merchandise Inventory EXPENSES 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 Instructions Chart of Accounts 124 Accumulated Depreciation-Delivery Truck 523 Delivery Expense 125 Equipment 525 Truck Repair and Maintenance Expense 126 Accumulated Depreciation-Equipment 529 Seling Expenses 130 Mineral Rights 531 Rent Expense 131 Accumulated Depletion 532 Depreciation Expense-Equipment 132 Goodwil 533 Depletion Expense 133 Patents 534 Amortzation Expense-Patents 535 Insurance Expense LIABILITIES 536 Supplies Expense 210 Accounts Payable 539 Miscellaneous Expense 211 Salaries Payable 710 Interest Expense 720 Loss on Sale of Delivery Truck 213 Sales Tax Payable lstrucions Chart of Accounts ZI0 ACCOurnts PayaDie 39 MIScelarieous Expense 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 DividendsStep by Step Solution
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