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Those answers in the places might be right or wrong! But just showing what type of answers go in these places. Transactions for Fixed Assets,
Those answers in the places might be right or wrong! But just showing what type of answers go in these places. Transactions for Fixed Assets, including Sale The following transactions and adjusting entries were completed by Robinson 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. 8 Purchased a used delivery truck for $24,000, paying cash. Mac. 7 Paid garage $900 for changing the oil replacing the oil filter and tuning the engine on the delivery truck Dec. 31 Recorded depreciation on the truck for the fiscal year. The estimated useful life of the truck is four years, with a residual value of $4,000 for the truck Year 2 Jan. 9 Purchased a new truck for $50.000. paying cash. Feb. 28 Ped garage $250 to tune the engine and make other minor reason the s truck Apr. 30 Sold the used truck for $9.500 (Record depreciation to date in Year 2 for the truck.) Dec. 31 Racord depreciation for the truck. It has an estimated residual value of $12.000 and an estimated ho he Year 3 Sept. 1 Purchased a new truck for $58.500 paying cash Sept. 4 sold the truck purchased January. Year 2 for $36.000. Record depreciation to date for Year for the truck) Dec. 31 Recorded depreciation on the remain truck. It has madres of $16.000 and an estimated fe of 10 years Required: Journalize the transactions and the adjusting entries. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations Year 1 Jan. 8 Delivery Truck 24,000.00 Cash 24,000.00 Moc. 7 Truck Repair Exper 900.00 Cash 900.00 Dec. 31 Depreciation Expense-Delivery Truck 11.736.99 Accumulated Depreciation Delivery Truck 11,736.99 Year 2 Jan. 9 Delivery Truck 50,000.00 50,000.00 Feb. 28 Truck Repair Expense Cash Cash Apr 30 Deprec Depreciation Expense-Delivery Tru Delivery Truck Apr. 30 Sale Gain on Sale of Delivery Truck Dec. 31 Year 3 Sept 1 Sept. 4 Deprec. Sept. 4 Sale Dec. 31
Those answers in the places might be right or wrong! But just showing what type of answers go in these places.
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