Transactions for fixed assets, including sale 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 Year 1 Jan. 4. Nov. 2 Purchased a used delivery truck for $28,400, paying cash. Paid garage $750 for miscellaneous repairs to the truck. Recorded depreciation on the truck for the year. The estimated useful life of the truck is four years, with a residual value of $5,285 for the truck. Dec. 31 Year 2 Jan. 6. Apr. 1. June 11 Purchased a new truck for $40.700, paying cash. Sold the used truck for $15.140. (Record depreciation to date in Year 2 for the truck) Paid garage 5475 for miscellaneous repairs to the truck Record depreciation for the new truck. It has an estimated residual value of $8,705 and an estimated life of five years Dec. 31. Year 3 July 1 Oct 2 Purchased a new truck for $53,240, paying cash. Sold the truck purchased January 6. Year 2. for 517.304. (Record depreciation to date for Year 3 for the truck.) Recorded depreciation on the remaining truck. It has an estimated residual value of $11,025 and an estimated useful life of eight years, Dec. 31. Check My Work eBook Joumalize the Year 1 transactions and adjusting entries on Page 1 How does grading work? JOURNAL ACCOUNT Score: 60/76 DEBIT CREDIT POST RER ASSETS DATE LIAS DESCRIPTION 28,400.00 1 1 Jan 4 Delivery Truck Cash 28,400.00 . Nov. 2 750.00 Truck Repair and Maintenance Expense 750.00 Cash $ Adjusting Entries 5783.00 Dec 31 depreciation Delivery Truck 5,783.00 Journalize the Year 2 transactions and adjusting entries on Page 2 How doing JOURNAL Score: 86/150 ACCOUNT DATO DESCRIPTION POSTRES OCIT CREAT ASSETS LIAR Check My Work eBook How does rongwon Score: 86/150 JOURNAL CREDIT ASSE POST. REF. DATE DESCRIPTION DEBIT 49,700.00 1 Jan 6 Delivery Truck 49,700.00 2 Cash 15,140.00 3 3 Apr. 1" depreciation Delivery Truck 1,445.94 4 15,140.00 $ Cash 3,855.00 profit and loss 28,400.00 . 1 Delivery Truck - 475.00 9 Jun 11 truck repair and maintenance 475.00 9 Cash 6.00 10 31 Adjusting Entries 8,181.00 :2 Dec 31 depreciation Delivery Truck 8,181.00 13 Journalize the Year 3 transactions and adjusting entnes on Page 3 Check My Work How does grading work? JOURNAL ACCOUNT Score: 57/125 DEBIT CREDIT POST. REF: ASSETS LA DATE DESCRIPTION 53,200.00 1 Jul. 1 Delivery Truck 53,200.00 ! Cash 3 Oct. 2 depreciation 4 Delivery Truck Cash profit and loss Ajm, 5,798.00 1,581.00 Inkim 49,700.00 9 Adjusting Entries kam 8,946.00 10 8,946.00 11 Inn Fenok Check My Work Expenditures that improve the asset are recorded as increases to the food asset Expenditures that are ordinary maintenance and repairs are exco Pay attention to the dates foxed assets were purchased and/or sold Check My Work
