Question

In 2017, Staged Home Ltd. completed the following transactions involving delivery trucks July 5 Traded-in an old truck and paid $16,100 in cash for furniture. The accounting records on July 5 showed the cost of the old truck at $51,000 and related accumulated depreciation of $8,500. The furniture was estimated to have a six-year life and a $10,268 trade-in value. The invoice for the exchange showed these item:s Price of the furniture (equal to its fair value) 55,100 Trade-in allowance (39,000) Total paid in cash $16,100 Dec. 31 Recorded straight-line depreciation on the furniture (to nearest whole month) Required: Prepare journal entries to record the transactions. (If no entry is required for a transaction, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the exchange Note: Enter debits before credits Date General Journal Debit Credit July 05, 2017 Record entry Clear entry View general journal

Answer 1

Cost of tmek51,000 at on 42,500 Book talu at tale of Auck2,00 tess Trade Hlowane(39,000) 3,S00 toss on Sale ¢truck Toustal OS, 201 DY. SS, 100 Lou on Sale 악 Truck $92,so o Truck Cach $16, 100 De s, 20/1 bepueiutto Dec 31 2011 beprcicrtion Expente r, 3736 Accumulated de preciation $3736 6months 3136