Question
In: Accounting
The following transactions and adjusting entries were completed by Legacy Furniture Co. during a three-year period....
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. 1/1/2018 Purchased a used delivery truck for $28,000, paying cash. 4/15/2018 Paid garage $675 for miscellaneous repairs to the truck. 12/31/2018 Recorded depreciation on the truck for the year. The estimated useful life of the truck is four years, with a residual value of $5,000 for the truck. 3/31/2019 Sold the used delivery truck purchased for $15,000. (Record depreciation to date for the truck.) Instructions Journalize the transactions and the adjusting entries.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
The following transactions and adjusting entries were completed by Legacy Furniture Co. during a three-year period.
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 $15,360, paying cash.
Nov. 2
Paid garage $180 for miscellaneous repairs to the truck.
Dec. 31
Recorded depreciation on the truck for the year. The estimated useful life of the truck is 4 years, with a residual value...
The following transactions and adjusting entries were completed by Legacy Furniture Co. during a three-year period....
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....
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....
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...
The following transactions and adjusting entries were completed by Legacy Furniture Co. during a three-year period....
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 $635 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....
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. 1/1/2018 Purchased a used delivery
truck for $28,000, paying cash. 4/15/2018 Paid garage $675 for
miscellaneous repairs to the truck. 12/31/2018 Recorded
depreciation on the truck for the year. The estimated useful life
of the truck is four years, with a residual value of $5,000 for the
truck....
The following transactions and adjusting entries were completed by Legacy Furniture Co. during a three-year period....
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...
The following transactions and adjusting entries were completed by Legacy Furniture Co. during a three-year period....
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 $635
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....
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 $26,960, paying cash.
Nov. 2.
Paid garage $600 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....
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 $26,960, paying cash. Nov. 2 Paid garage $600
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...
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