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Sold a fully depreciated delivery truck for $$15,000.$

Anew delivery truck is delivered at a total cost of $$126,000.$ The truck has an expected useful life

of $7$ years, with no residual value and will be depreciated using the straight line method.

The company made a downpayment of $$25,000$ and issued a $4-$year $6\%$ note for the balance.

The note requires annual payments of $$29,150,$ including interest and principal, be made on

March $31,2025,2026,2027$ and $2028.$

April $29$

Petty cash on hand was $$27.$ Replenished the petty cash fund for the following disbursements,

each evidenced by a petty cash receipt:

Store supplies, $$56.$

Express charges on merchandise sold, $$165($Delivery Expense$).$

Office supplies, $$123.$

Repair to office file cabinet lock, $$120($Miscellaneous Administrative Expense$).$

April $30$

Sold a $200,00015-$year bond, with semi$-$annual interest at $6\%$ when market interest rate was $8\%$

April $30$

The cash sales for the month, according to the cash register records, totaled $$27,525,$ including sales

tax of $$2,525.$ The actual cash received from these cash sales was $$27,537.$ Cost of goods sold related to

these sales was $$17,450.$

ROUND ALL CALCULATIONS TO THE WHOLE DOLLAR!!!!

$1$ Journalize the transactions. $($Complete$!--$Done in part $1)$

I have posted the transactions and prepared the trial balance in the worksheet for you.

Assume a $360$ day year for all transactions related to interest calculations.

$2$ Complete the worksheet. Adjusting entries have not been made at any time this year.

Here is the information you need to calculate the adjusting entries $($note: the General Ledger is your friend in this!$)$

a Evaluation of the years sales indicated that warranties related to current years sales

were $$16,500.$

b The note receivable in the general ledger is an $8\%$ eight month note received on February $1,2024$ that due is

on September $30,2024$

c There notes payable balance relates to the delivery truck purchase on April $1.$ The interest rate and

payment information is provided in the transaction above.

c The company purchased an annual insurance liability policy on January $1,2024.$

d Office supplies on hand at April $30$ were $$3,000$ and store supplies on hand were $$4,000.$

e Depreciation on the building is calculated using straight line with a $40$ year life and $$100,000$ residual value.

f Depreciation for the office equipment is calculated using double declining balance method, has a five vear

life and was purchased three years ago $(2$ years of depreciation has been recorded$).$

Information related to the depreciation calculation for the delivery truck is in the transactions above.

h Payroll for April is going to be paid in early May. Salaries earned were $$25,000.$ The FICA rate is $7\mathrm{.}65\%$

and is paid by both the employee and the employer. Employee income taxes are withheld at a rate of $15\%.$

Federal and state unemployment limits were reached in March so they are not a factor.

$3$ Journalize and post the adjusting entries.

$4$ Prepare a multiple$-$step income statement.

$5$ Prepare a statement of stockholders' equity.

$6$ Prepare a balance sheet.

$7$ Joumalize and post the closing entries.

$8$ Prepare a post$-$closing trial balance.

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