the following transactions and adjusting entries were completed by legacy furniture co. during a tree year period. all are related to the use of delivery equipment. the double-declining-balance method of depreciation is used.

Instructions Chart of Accounts Journal Instructions 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 Jan 4 Now 2 Dec 31 Purchased a used delivery truck for $28,000, paying cash Paid garage $625 for miscellaneous repairs to the truck Recorded depreciation on the truck for the year The estimated us a residual of $2,000 for the truck e of the truck is four years, with Year 2 Jan Apr 1 June 11 Purchased a new truck for $60,000, paying cash Sold the used truck for $14.000 (Record depreciation to date in Year 2 for the truck) Paid garage $200 for miscellaneous repairs to the truck Record depreciation for the new truck it has an estimated residual value of $7.000 and an estimated Dec 31 We of the years Year 3 July 1 Oct 2 EET Purchased a new truck for $65.000, parying cash Sold the truck purchased January 5, Year 2 for $10 520 (Record depreciation to date for Year for the truck) Recorded depreciation on the remaining truck. It has an estimated residual value of $5,000 and an estimated selle teght years Dec 31 pranino Novo hart of Accounts CHART OF ACCOUNTS Legacy Furniture Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 112 Accounts Receivable 610 Interest Revenue 620 Gain on Sale of Delivery Truck 621 Gain on Sale of Equipment 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Delivery Truck 523 Delivery Expense Check My Work All work saved. Instructions Th Chart of Accounts dol 125 Equipment 126 Accumulated Depreciation Equipment 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 133 Patents 525 Truck Repair and Maintenance Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense-Equipment 533 Depletion Expense 534 Amortization Expense-Patents 535 Insurance Expense 536 Supplies Expense 539 Miscellaneous Expense 710 Interest Expense 720 Loss on Sale of Delivery Truck 721 Loss on Sale of Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Check My Work Journal Joumalore the transactions and the adjusting entries Refer to the Chart of Accounts for exact wording of accounts Scroll down to access pages 2 and 3 of the journal Do not round intermediate calculations Joumalize the Year 1 transactions and adjusting entries on Page 1 JOURNAL DESCRIPTION POST, ET DEBIT CREDIT Adjusting Entries Check My Work Previous BOOK Lac Instructions Chart of Accounts Journal Journal FUGE 2 JOURNAL POST. PER CREDIT ACCOUNTINCELLATION ASSETS LABUMES EQUITY Adjusting Entries Journal JOURNAL POSE REE LABILITIES EQUITY Adjusting Entries Check My Work