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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 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. 1/1/2018 Purchased a used delivery truck for $28,000, paying cash. 4/15/2018 Paid garage $675 for miscellaneous repairs to the truck. 12/31/2018 Recorded depreciation on the truck for the year. The estimated useful life of the truck is four years, with a residual value of $5,000 for the truck. 3/31/2019 Sold the used delivery truck purchased for $15,000. (Record depreciation to date for the truck.) Instructions Journalize the transactions and the adjusting entries
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