Question

Those answers in the places might be right or wrong! But just showing what type of answers go in these places.

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 $24,000, paying cash. Mac. 7 Paid garage $900 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 is four years, with a residual value of $4,000 for the truck Year 2 Jan. 9 Purchased a new truck for $50.000. paying cash. Feb. 28 Ped garage $250 to tune the engine and make other minor reason the s truck Apr. 30 Sold the used truck for $9.500 (Record depreciation to date in Year 2 for the truck.) Dec. 31 Racord depreciation for the truck. It has an estimated residual value of $12.000 and an estimated ho he Year 3 Sept. 1 Purchased a new truck for $58.500 paying cash Sept. 4 sold the truck purchased January. Year 2 for $36.000. Record depreciation to date for Year for the truck) Dec. 31 Recorded depreciation on the remain truck. It has madres of $16.000 and an estimated fe of 10 years

Answer 1

Ans.

Journal Entries

Dt	Particulars	Amt	Amt
Year.1.
08-Jan	Delivery Truck Cash	24,000	24,000
07-Mar	Truck Repair Expenses Cash	900	900
31-Dec	Depreciation on Truck Accumulated Depreciation on Truck	5,000	5,000
Year.2.
09-Jan	Delivery Truck Cash	50,000	50,000
28-Feb	Truck Repair Expenses Cash	250	250
30-Apr	Depreciation on Truck Accumulated Depreciation on Truck	1,667	1,667
30-Apr	Cash Statement of Profit & Loss Accumulated Depreciation on Truck Delivery Truck	9,500 7,833 6,667	24,000
31-Dec	Depreciation on Truck Accumulated Depreciation on Truck	4,750	4,750
Year.3.
01-Sep	Delivery Truck Cash	58,500	58,500
04-Sep	Depreciation on Truck Accumulated Depreciation on Truck	3,167	3,167
04-Sep	Cash Statement of Profit & Loss Accumulated Depreciation on Truck Delivery Truck	36,000 6,083 7,917	50,000
31-Dec	Depreciation on Truck Accumulated Depreciation on Truck	1,417	1,417