Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

this is all 1 question. i have added the blank journals it wants me to fill in please add dates for the journals The following

this is all 1 question. i have added the blank journals it wants me to fill in please add dates for the journals
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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. Year 1 Jan. 4 Nov. 2 Purchased a used delivery truck for $26,000, paying cash. Paid garage $825 for miscellaneous repairs to the truck Dec. 31. Recorded depreciation on the truck for the year. The estimated useful life of the truck is four years, with a residual value of $2,000 for the truck. Year 2 Jan. 6. 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) Pald garage 5280 for miscellaneous repairs to the truck, Record depreciation for the new truck. It has an estimated residual value of $7,000 and an estimated life of five years Dec. 31 Year 3 July 1 Oct. 2 Purchased a new truck for $65,000 paying cash. Sold the truck purchased January 6, Year 2, for $19,520 (Record depreciation to date for Year 3 for the truck.) Recorded depreciation on the remaining truck. It has an estimated residual value of $6,000 and an estimated useful life of eight years Dec. 31 JOURNAL Score: 44/76 ACCOUNTING E DESCRIPTION POST. RER CREDIT ASSETS LIABILITI DATE Jan 4 Delivery Truck DEBIT 26,000.00 1 1 Cash 26,000.00 Nov. 2 825.00 Cash 825.00 Adjusting Entries Dec 31 Points Score: 0/150 ACCOUNTING EN JOURNAL ASSETS CREDIT LIABILITA POST. REF DEBIT DATE DESCRIPTION

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Bank Strategy, Governance And Ratings

Authors: P. Molyneux

3rd Edition

0230313345, 9780230313347

More Books

Students also viewed these Accounting questions