Chapter 09 Homework (Application) eBook Transactions for Fixed Assets, including Sale The following transactions and adjusting entries were completed by Robinson Furniture Co. during a three-year period. Al are related to the use of delivery equipment. The double-dedining-balance method of depreciation is used Year 1 Jan. 8. Purchased a used delivery truck for $38,400, paying cash. Mar.. Paid garage $110 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 8 years, with a residual value of $8,100 for the truck Year 2 Jan. 9. Purchased a new truck for $44.100, paying cash. Feb. 28. Paid garage 1340 to tune the engine and make other minor repairs on the uned truck Apr. 30. Sold the used truck for $25,300. (Record depreciation to date in Year 2 for the truck) Dec. 31. Record depreciation for the new truck. It has an estimated trade in value of $7,000 and an estimated life of 7 years Year 3 Sept. 1. Purchased a new truck for $97.000, paying cash Sept. 4. sold the truck purchased January 9, Year 2 for $26,000. (Record depreciation to date in year for the truck) Dec. 3. Recorded depreciation on the remaining truck. It has an estimated residual value of $16.600 and an estimated useful life of 10 years Required: Journalise the transactions and the adjusting entries. If an amount bow does not require an entry, Wave it blank. Do not round intermediate calculations. Round your finalmers to the nearest cent. Delivery Truch Check My Work Previous Next Chapter 09 Homework (Application) eBook Year 1 Jan. 8 Delivery Truck Cash Truck Repair Expense Mar. 7 Cash Dec. 31 Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck 0 0 0 1 0 0 Year 2 Jan. 9 Delivery Truck Cash > Feb. 28 Truck Repair Expense Cash Apr. 30-Deprec. Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Apr. 30-Sale Accumulated Depreciation-Delivery Truck Check My Work Chapter 09 Homework (Application) eBook Apr. 30-Sale Accumulated Depreciation-Delivery Truck Cash Loss on Sale of Delivery Truck Delivery Truck Dec. 31 Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Year 3 Sept. 1 Delivery Truck Cash Sept. 4- Deprec. Depreciation Expense-Delivery Truck v Accumulated Depreciation-Delivery Truck Sept. 4-Sale Cash Accumulated Depreciation-Delivery Truck Delivery Truck Gain on Sale of Delivery Truck Check My Work apter 09 Homework (Application) eBook Dec. 31 Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Year 3 Sept. 1 Delivery Truck Cash Sept. 4-Deprec. Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Sept. 4-Sale Cash Accumulated Depreciation-Delivery Truck Delivery Truck Gain on Sale of Delivery Truck Dec. 31 Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Faedoack Check My Work
