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 $29,200, paying cash. |
| Nov. 2. | Paid garage $650 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 $4,505 for the truck. |
| Year 2 | |
| Jan. 6. | Purchased a new truck for $49,900, paying cash. |
| Apr. 1. | Sold the used truck for $15,710. (Record depreciation to date in Year 2 for the truck.) |
| June 11. | Paid garage $495 for miscellaneous repairs to the truck. |
| Dec. 31. | Record depreciation for the new truck. It has an estimated residual value of $8,790 and an estimated life of five years. |
| Year 3 | |
| July 1. | Purchased a new truck for $55,320, paying cash. |
| Oct. 2. | Sold the truck purchased January 6, Year 2, for $17,708. (Record depreciation to date for Year 3 for the truck.) |
| Dec. 31. | Recorded depreciation on the remaining truck. It has an estimated residual value of $11,715 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.
Journal
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Journalize 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 intermediate calculations.
Journalize the Year 1 transactions and adjusting entries on Page 1.
JOURNAL
ACCOUNTING EQUATION
Score: 76/76
| DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
|---|---|---|---|---|---|---|---|---|
1 | ✔ | ✔ | ✔ | ✔ | ||||
2 | ✔ | ✔ | ✔ | |||||
3 | ✔ | ✔ | ✔ | ✔ | ||||
4 | ✔ | ✔ | ✔ | |||||
5 | Adjusting Entries | |||||||
6 | ✔ | ✔ | ✔ | ✔ | ||||
7 | ✔ | ✔ | ✔ |
Points:
15 / 15
Journalize the Year 2 transactions and adjusting entries on Page 2.
JOURNAL
ACCOUNTING EQUATION
Score: 146/150
| DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
|---|---|---|---|---|---|---|---|---|
1 | ✔ | ✔ | ✔ | ✔ | ||||
2 |
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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 $27,680, paying cash.
Nov. 2.
Paid garage $725 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...
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 $28,000, paying cash.
Nov.
2
Paid garage $675
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...
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...
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 $26,960, paying cash.
Nov. 2.
Paid garage $600 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...
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The following transactions and adjusting entries were completed by Legacy Furniture Co during a three year period wted to the use of delivery equipment. The double declining balance method of depreciation is Year 1 Jan 4 Nov 2 Dec 31 Purchased a used delivery truck for $29,200, paying cash. Pald garage $650 for miscellaneous repairs to the truck Recorded depreciation on the truck for the year. The estimated sette of the track is four a sual value of 54,505 for...
nstructions 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 $28,000. paying cash Nov 2 Paid garage $675 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...
The following transactions and adjusting entries were completed by Legacy Furniture Co during a three-year period. Al are related to the use of delivery equipment. The double declining balance method of depreciation is used. Year 1 Jan. 4. Nov. 2 Dec 31 Purchased a used delivery truck for $28,400, paying cash. Paid garage 5710 for miscellaneous repairs to the truck Recorded depreciation on the truck for the year. The estimated useful fe of the truck is four year a residual...
Instrucions 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 $28,400, paying cash. Paid garage $710 for miscellaneous repairs to the truck Νov 2 Recorded depreciation on the truck for the year. The estimated useful life of the truck is four years, with Dec. 31 a residual...
The following transactions, adjusting entries, and
closing 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 $29,200, paying
cash.
Nov. 2. Paid garage $650 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...
Transactions for Fixed Assets, Including Sale The following transactions and adjusting entries were completed by Robinson 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. 8. Purchased a used delivery truck for $38,400, paying cash. Mar. 7. Paid garage $180 for changing the oil, replacing the oil fiter, and tuning the engine on the delivery truck. Dec. 31. Recorded depreciation on the truck for...