there is three sections for three different journal entries Instructions...
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Accounting
there is three sections for three different journal entries
Instructions Year 1 Jan. 4. Nov. 2. Purchased a used delivery truck for $26,000, paying cash. Paid garage $825 for miscellaneous repairs to the truck. Recorded depreciation on the truck for the year. The estimated useful life of the truck is four years, with a residual value of $2,000 for the truck. Dec. 31. Year 2 Jan. 6 Apr. 1 June 11 Purchased a new truck for $60,000, paying cash. Sold the used truck for $14,000. (Record depreciation to date in Year 2 for the truck.) Paid garage $280 for miscellaneous repairs to the truck. Record depreciation for the new truck. It has an estimated residual value of $7,000 and an estimated life of five years. Dec. 31 Year 3 July 1. Oct. 2 Purchased a new truck for $65,000, paying cash. Sold the truck purchased January 6, Year 2 for $19,520 (Record depreciation to date for Year 3 for the truck.) Recorded depreciation on the remaining truck. It has an estimated residual value of $6,000 and an estimated useful life of eight years, Dec. 31 Journalize the Year 1 transactions and adjusting entries on Page 1 JOURNAL ACCOUNTING EQUATI DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES 1 2 3 4 Adjusting Entries Check My Work Previous
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