Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Transport Logistics LLC had the following transactions in 2020, January 1, 2020 purchased a new Tractor/Trailer rig for $230,000 by paying $30.000 cash down and

image text in transcribed
Transport Logistics LLC had the following transactions in 2020, January 1, 2020 purchased a new Tractor/Trailer rig for $230,000 by paying $30.000 cash down and financing the rest with a 5 years note payable making annual installment payment starting January 1st, 2021. The Rig is expected to have a 12 year useful life and a residual value of $20,000 Transport will depreciate the truck rig wery December 31st straightine method April 1, 2020: Transport discarded of a box truck that had originally cost $65.000 and had accumulated deprecation at 12/31/19 of 5.000, Transport had assumed that the truck would have a residual value of $5.000, and had been depreciating the truck straightline every December for 56.000 for the past 8 years. Transport discards of the box truck by selling it for 59,000 cash money. Instructions: Make the transactional and adjusting entries needed for Transport for 2020. Hint there should be entry for thi2020:2 entries for 4/1/2020 and 1 entry for 12/31/2020. Asume that after the disposal of the Box Truck, the only equipment Transportban is their Tractor Trades Rap

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

Using QuickBooks Online For Accounting

Authors: Glenn Owen

3rd Edition

0357391691, 9780357391693

More Books

Students also viewed these Accounting questions

Question

How could any of these verbal elements be made stronger?

Answered: 1 week ago

Question

Does your message use pretentious or exaggerated language?

Answered: 1 week ago