Question
Prepare general journal entries to record the following events: (Show your calculations) Apr 1, 2019 Dec 31, 2019 Jan 1, 2020 Dec 31, 2020 Paid
Prepare general journal entries to record the following events: (Show your calculations)
Apr 1, 2019
Dec 31, 2019 Jan 1, 2020
Dec 31, 2020
Paid cash for a new truck, $80,000 plus $5,700 for freight. The truck was estimated to have a five year life and a $15,000 salvage value.
Recorded straight-line depreciation expense on the truck.
Upon further consideration, management revised the salvage value to $10,000 and an estimated useful life of six years.
Recorded straight-line depreciation on the truck.
Record your entries and calculations below:
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Financial and Managerial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
12th edition
978-1133952428, 1285078578, 1133952429, 978-1285078571
