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The following transactions and adjusting entries were completed by Legacy Furniture Co . during a 3 - year period. All are related to the use
The following transactions and adjusting entries were completed by Legacy Furniture Co during a year period.
All are related to the use of delivery equipment. The doubledecliningbalance method of depreciation is used.
Year
Jan. Purchased a used delivery truck for $ paying cash.
Nov. Paid garage $ for miscellaneous repairs to the truck.
Dec. Recorded depreciation on the truck for the year. The estimated useful life of the truck is years, with
a residual value of $ for the truck.
Year
Jan. Purchased a new truck for $ paying cash.
Apr. Sold the used truck for $Record depreciation to date in Year for the truck.
June Paid garage $ for miscellaneous repairs to the truck.
Dec. Record depreciation for the new truck. It has an estimated residual value of $ and an estimated
life of years.
Year
July Purchased a new truck for $ paying cash.
Oct. Sold the truck purchased January Year for $Record depreciation to date for Year for the truck.
Dec. Recorded depreciation on the remaining truck. It has an estimated residual value of $ and an
estimated useful life of years.
Required:
Journalize the transactions and the adjusting entries.
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