Transactions for fixed assets, including sale.

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 Purchased a used delivery truck for $27,200, paying cash. Nov. 2 Paid garage $630 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 $5.005 for the truck, Year 2 Jan. 6. Purchased a new truck for $49, 250, paying cash. Apr. 1 Sold the used truck for $14,670. (Record depreciation to date in Year 2 for the truck.) June 11. Paid garage $450 for miscellaneous repairs to the truck. Dec. 31. Record depreciation for the new truck. It has an estimated residual value of $8,950 and an estimated life of five years. Year 3 July 1 Purchased a new truck for $53,920, paying cash. Oct 2 Sold the truck purchased January 6, Year 2, for $17,125. (Record depreciation to date for Year 3 for the Dec. 31. truck.) Recorded depreciation on the remaining truck. It has an estimated residual value of $12,945 and an estimated useful life of eight years. Journalize the transactions and the adjusting entries. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Legacy Furniture Co. General Ledger REVENUE ASSETS 110 Cash 410 Sales 810 Interest Revenue 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 620 Gain on Sale of Delivery Truck 621 Gain on Sale of Equipment 115 Notes Receivable EXPENSES 116 Merchandise Inventory 510 Cost of Merchandise Sold 117 Supplies 520 Salaries Expense 119 Prepaid Insurance 120 Land 521 Advertising Expense 123 Delivery Truck 522 Depreciation Expense-Delivery Truck 124 Accumulated Depreciation-Delivery Truck 523 Delivery Expense 525 Truck Repair and Maintenance Expense 125 Equipment 126 Accumulated Depreciation-Equipment 529 Selling Expenses 531 Rent Expense 130 Mineral Rights 131 Accumulated Depletion 532 Depreciation Expense-Equipment 182 Goodwill 583 Depletion Expense 534 Amortization Expense-Patents 133 Patents 535 Insurance Expense LIABILITIES 536 Supplies Expense 210 Accounts Payable 589 Miscellaneous Expense 710 Interest Expense 720 Loss on Sale of Delivery Truck 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable 721 Loss on Sale of Equipment EQUITY 210 Common Stook 211 Retained Earnings 312 Dividends Joumalize the transactions and the adjusting entries. Refer to the Chart of Accounts for exact wording of account titles. Scroll down to access pages 2 and 3 of the journal. Do not round in Journalize the Year 1 transactions and adjusting entries on Page 1. PAGE 1 JOURNAL ACCOUNTING EQUATION POST. REF. DEBIT CREDIT ASSETS DATE DESCRIPTION LIABILITIES EQUITY 1 5 4 5 Adjustng Entries 6 7 Journalize the Year 2 transactions and adjusting entries on Page 2 PAGE 2 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT 46SETS LIABILITIES EQUITY 1 2 3 5 6 7 8 9 10 1 Adjusting Entries 12 13 Journalize the Year 3 transactions and adjusting entries on Page 3. PAGE 3 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT CREDIT ASSETS LIABILITIES EQUITY 2 3 5 6 8 9 Adjusting Entries 10 11