LongTerm Assets Journal EntriesLovell Company
Selected transactions from for Lovell Company are described below. Record the applicable journal entry for each transaction.
Jun Lovell Company traded in a car that cost $ and had accumulated depreciation of $ The new car list price was $ and the tradein value of the old car was $
Dec Recorded the adjusting entry for coal ore mined during the year. Lovell had purchased tons of coal ore for $ During the year, Lovell mined tons of the ore.
Dec Recorded the adjusting entry for a building purchased on January for $ The useful life is estimated to be years, and the residual value is estimated to be $ Lovell uses straightline depreciation.
Note: Round per unit amounts to the nearest penny two decimal places and round final results to the nearest dollar zero decimal places
Journal
Note: Start each entry on a starred row.
Note: Use the grayshaded cell for each entry to select the transaction description.
tableDateAccounts debitaccounts here credit accounts here,PRDebit,CreditJunDec
