Date Accounts Title Dr cr
Year 1
4-Jan
Delivery Truck $28,000
Cash
$28,000
2-Nov
Truck repair expenses $675
Cash
$675
31-Dec
Depreciatioan Expense-Delivery Truck $14,000
Accumulated Depreciation-Delivery Truck $14,000
(DDB arte 1/4*200%=50%)
(28000*50%)
Year 2
6-Jan
Delivery Truck $48,000
Cash $48,000
1-Apr
Depreciatioan Expense-Delivery Truck $1,750
Accumulated Depreciation-Delivery Truck $1,750
(28000-14000)*50%*3/12
1-Apr
Cash $15,000
Accumulated Depreciation-Delivery Truck $15,750
Gain on sale of Delivery Truck $2,750
Delivery Truck 28000
11-Jun
Truck repair expenses $450
Cash $450
31-Dec
Depreciatioan Expense-Delivery Truck $19,200
Accumulated Depreciation-Delivery Truck $19,200
(DDB arte 1/5*200%=40%)
(48000*40%)
Year 3
1-Jul
Delivery Truck $54,000
Cash $54,000
2-Oct
Depreciation Expense-Delivery Truck 8640
Accumulated Depreciation-Delivery Truck $8,640
(48000-19200)*40%*9/12
2-Oct
Cash $16,750
Accumulated Depreciation-Delivery Truck $35,950
Gain on sale of Delivery Truck $4,700
Delivery Truck 48000
31-Dec
Depreciatioan Expense-Delivery Truck 6750
Accumulated Depreciation-Delivery Truck $6,750
(DDB rate 1/8*200%=25%)
(54000*25%)*6/12
nstructions The following transactions and adjusting entries were completed by Legacy Furniture Co during a three-year...
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 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...
the following transactions and adjusting entries were completed by legacy furniture co. during a tree year period. all are related to the use of delivery equipment. the double-declining-balance method of depreciation is used. Instructions Chart of Accounts Journal Instructions 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 Jan 4 Now 2 Dec 31...
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...
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. 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...
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...
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 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 1Jan. 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 2Jan. 6.Purchased a new truck for $49,900, paying...
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 A method of depreciation that provides periodic depreciation expense based on the declining book value of a fixed asset over its estimated life.double-declining-balance method of The systematic periodic transfer of the cost of a fixed asset to an expense account during its expected useful life.depreciation is used. Year 1 Jan. 8 Purchased a used...