Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Post answers so I am able to see Printiem Transactions for Fxed Assets, including Sale The following transactions and adjusting entries were completed by Robinson
Post answers so I am able to see
Printiem Transactions for Fxed Assets, including Sale The following transactions and adjusting entries were completed by Robinson Furniture Co. during a three-year period, All are related to the use of delivery caviament. The dutie-dediming balance method of depreciation is used. Year 1 Jan. 8. Purchased a used delivery truck for $65.440, paying cash. Mar. 7. Paid garage $120 for changing the si, replacing the oil filter, and tuning the engine on the delivery truck Dec. 31. Recorded depreciation on the truck for the fiscal year. The estimated useful life of the truck is vears with residual value of $12.900 for the truck Year 2 Jan. 9. Purchased a new truck for $70,560, paying cash Feb. 28. Paid garage $190 to tune the engine and make other minor repairs on the used truck Apr, 30. Sold the used truck for $40.140, (Record depreciation to date in Year 2 for the truck) Dec. 31. Record depreciation for the nel truck. It has an estimated trade in value of 512,700 and an estimated te of wars. Year 3 Sept. 1. Purchased a new truck for $85.000, paying cash Sept. Sold the truck purchased January 9, Year 2 for $42.900. (Record depreciation to date in Year for the truck) Dec. 31. Recorded depreciation on the remaining truck. It has an estimated residual value of 315,300 and an estimated useful life of 10 years Dec. 31. Recorded depreciation on the remaining truck. It has an estimated resident value of $13,300 and estimated at the ot 18 years Required: Journalize the transactions and the adjusting entries. I an amount box does not require an entry, Heave it look. Do not rund turmediate closion and your find nearest cent Year 1. Jan 8 Mar. 7 I II III Dec 31 Year 2. Jan. 9 Feb. 28 ADE. 30- Apr. 30-Deprec. Apr. 30-Sale Dec. 31 Year 3, Sept. 1 14 IIIIII 1 Sept. 4-Deprec. Sept. 4-Sale Dec. 31 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