Year 1 January 1 Paid $ 2 8 2 , 0 0 0 cash plus $ 1 1 , 2 8 0 in sales tax and $ 1 , 6 0 0 in transportation ( FOB shipping point ) for a new loader The loader is estimated to have a four year life and a $ 2 8 , 2 0 0 salvage value Loader costs are recorded in the Equipment account January 3 Paid $ 6 , 0 0 0 to install air conditioning in the loader to enable operations under harsher conditions This increased the estimated salvage value of the loader by another $ 1 , 8 0 0 December 3 1 Recorded annual straight line depreciation on the loader Year 2 January 1 Paid $ 4 , 2 0 0 to overhaul the loader s engine, which increased the loader s estimated useful life by two years February 1 7 Paid $ 1 , 0 5 0 for minor repairs to the loader after the operator backed it into a tree December 3 1 Recorded annual straight line depreciation on the loader Required Prepare journal entries to record these transactions and events Champion Contractors completed the following transactions Involving equipment Year 1 January 1 Paid $ 2 8 2 , 6 0 0 cash plus $ 1 1 , 2 8 9 in sales tax and $ 1 , 6 0 0 in transportation ( Foo shipping point ) for a new loader The loader is estimated to have a four year life and a $ 2 8 , 2 8 0 salvage value Loader costs are recorded in the Equipnent account January 3 Paid $ 6 , e e 0 to install air conditioning in the loader to enable operations under harsher conditions This increased the estimated salvage value of the loader by another $ 1 , 8 0 0 December 3 1 Recorded annual straight 1 ine depreciation on the loader Year 2 January 1 Paid $ 4 , 2 0 0 to overhaul the loader's engine, which increased the loader's estinated useful 1 1 fe by two years February 1 7 Paid $ 1 , 0 5 0 for minor repairs to the loader after the operator backed it into a tree December 3 1 Recorded annual straight 1 ine depreciation on the loader Required Prepare journal entrles to record these transactions and events Journal entry worksheet Paid $ 2 8 2 , 0 0 0 cash plus $ 1 1 , 2 8 0 in sales tax and $ 1 , 6 0 0 in transportation ( FOB shipping point ) for a new loader The loader is estimated to have a four year life and a $ 2 8 , 2 0 0 salvage value Loader costs are recorded in the Equipment account Note Enter debits before credits

Question

Year 1 January 1 Paid $ 2 8 2 , 0 0 0 cash plus $ 1 1 , 2 8 0 in sales tax and $ 1 , 6 0 0 in transportation ( FOB shipping point ) for a new loader  The loader is estimated to have a four   year life and a $ 2 8 , 2 0 0 salvage value  Loader costs are recorded in the Equipment account  January 3 Paid $ 6 , 0 0 0 to install air conditioning in the loader to enable operations under harsher conditions  This increased the estimated salvage value of the loader by another $ 1 , 8 0 0   December 3 1 Recorded annual straight   line depreciation on the loader  Year 2 January 1 Paid $ 4 , 2 0 0 to overhaul the loader s engine, which increased the loader s estimated useful life by two years  February 1 7 Paid $ 1 , 0 5 0 for minor repairs to the loader after the operator backed it into a tree  December 3 1 Recorded annual straight   line depreciation on the loader  Required  Prepare journal entries to record these transactions and events Champion Contractors completed the following transactions Involving equipment  Year 1 January 1 Paid $ 2 8 2 , 6 0 0 cash plus $ 1 1 , 2 8 9 in sales tax and $ 1 , 6 0 0 in transportation ( Foo shipping point ) for a new loader  The loader is estimated to have a four   year life and a $ 2 8 , 2 8 0 salvage value  Loader costs are recorded in the Equipnent account  January 3 Paid $ 6 , e e 0 to install air conditioning in the loader to enable operations under harsher conditions  This increased the estimated salvage value of the loader by another $ 1 , 8 0 0   December 3 1 Recorded annual straight   1 ine depreciation on the loader  Year 2 January 1 Paid $ 4 , 2 0 0 to overhaul the loader's engine, which increased the loader's estinated useful 1 1 fe by two years  February 1 7 Paid $ 1 , 0 5 0 for minor repairs to the loader after the operator backed it into a tree  December 3 1 Recorded annual straight   1 ine depreciation on the loader  Required  Prepare journal entrles to record these transactions and events  Journal entry worksheet Paid $ 2 8 2 , 0 0 0 cash plus $ 1 1 , 2 8 0 in sales tax and $ 1 , 6 0 0 in transportation ( FOB shipping point ) for a new loader  The loader is estimated to have a four   year life and a $ 2 8 , 2 0 0 salvage value  Loader costs are recorded in the Equipment account  Note  Enter debits before credits

Accepted Answer

The Answer is in the image, click to view ...

Question

Year 1 January 1 Paid $ 2 8 2 , 0 0 0 cash plus $ 1 1 , 2 8 0 in sales tax

Step by Step Solution

Step: 1

Get Instant Access to Expert-Tailored Solutions

Step: 2

Step: 3

Ace Your Homework with AI

Recommended Textbook for

Managerial accounting

Students also viewed these Accounting questions

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question