please help me solve this. first two photos are instructions and others are the chart of accounts for journal entries
I am able to clearly see the images as well as they can be enlarged if you have any issues seeing them as is
Answer:
Year-1 | |||
Date | Account titles and Explanation | Debit $ | Credit $ |
04-Jan | Truck | 26,000 | |
Cash | 26,000 | ||
02-Nov | Maintenance expense - truck | 825 | |
Cash | 825 | ||
31-Dec | Dep.expense | 6,000 | |
Accumulated depr - Truck | 6,000 | ||
(26,000 - 2,000) / 4= 6000 - annual depr expense) | |||
Year-2 | |||
Date | Description | Debit $ | Credit $ |
06-Jan | Truck | 60,000 | |
Cash | 60,000 | ||
01-Apr | depr.exp | 1,500 | |
Accumulated depr(6000*3/12) | 1,500 | ||
01-Apr | Cash | 14,000 | |
Accumulated Depreciation - Truck | 7,500 | ||
loss on sale(26000-14000-7500) | 4,500 | ||
Truck | 26,000 | ||
11-Jun | maintenance expense | 280 | |
Cash | 280 | ||
31-Dec | Depreciation expense | 12,600 | |
Accumulated Depreciation - Truck | 12,600 | ||
(60,000 - 7,000) / 5= 12600- annual depr expense) | |||
Year-3 | |||
Date | Description | Debit $ | Credit $ |
01-Jul | Truck | 65,000 | |
Cash | 65,000 | ||
02-Oct | Depreciation exp (12,600*9/12) | 9,450 | |
Accumulated Depreciation - Truck | 9,450 | ||
02-Oct | Cash | 19,520 | |
Accumulated Depreciation - Truck | 22,050 | ||
loss on sale(60000-19520-22050) | 18,430 | ||
Truck | 60,000 | ||
31-Dec | Depreciation expense | 5,375 | |
Accumulated Depreciation - Truck | 5,375 | ||
(65,000 -6,000) / 8= 5375 - annual depr expense |
please help me solve this. first two photos are instructions and others are the chart of accounts fo...
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