Question

fast delivery is the worlds largest express transportation company, in addition to the worlds largest fleet of all cargo aircraft, the company has more than 656 aircraft and 57000 vehicles and trailers that pick up and delivery packages. assume the fast delivery sold a delivery struck that had been used in the business for three years. the records of the company reflected, prepare journal entry

hoon Haxww newconnect.mheducation.com/flow.connect 8 E8-16 (Algo) Recording the Disposal of an Asset at Three Different Sale Prices LO8-5 Fast Delivery is the world's largest express transportation company. In addition to the world's largest feet of all cargo aircraft, the company has more than 656 aircraft and 57000 vehicles and trailers that pick up and deliver packages. Assume that Fast Delivery sold a delivery truck that had been used in the business for three years. The records of the company reflected the following 03: 40 Delivery track coat heumalated depreciation Required: 1. Prepare the journal entry for the disposal of the truck, assuming that the truck sold for: Of no entry is required for a transaction/event, select "No journal entry required in the first account field.) a. $14,800 cash b. $15,900 cash c. $14.200 cash View transaction list Journal entry worksheet 1 2 3 Record the disposal of the truck, assuming the truck was sold for $14,800 < Prex 5 of 5 Next MacBook Air

Answer 1

Solution:

Fast delivery
Journal Entries
Event	Particulars	Debit	Credit
a	Cash Dr	$14,800.00
	Accumulated depreciation -Truck Dr	$24,200.00
	To Truck		$39,000.00
	(To record sale of truck)
b	Cash Dr	$15,900.00
	Accumulated depreciation -Truck Dr	$24,200.00
	To Truck		$39,000.00
	To Gain on sale of truck		$1,100.00
	(To record sale of equipment)
c	Cash Dr	$14,200.00
	Accumulated depreciation -Truck Dr	$24,200.00
	Loss on sale of Truck Dr	$600.00
	To Truck		$39,000.00
	(To record sale of Truck)