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Transactions for fixed assets, including sale

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 double-declining-balance method of depreciation is used.

Year 1

Date	Transaction
January 8.	Purchased a used delivery truck for $77,760, paying cash.
March 7.	Paid garage $130 for changing the oil, replacing the oil filter, and tuning the engine on the delivery truck.
December 31.	Recorded depreciation on the truck for the fiscal year. The estimated useful life of the truck is 9 years, with a residual value of $16,300 for the truck.

Year 2

Date	Transaction
January 9.	Purchased a new truck for $88,200, paying cash.
February 28.	Paid garage $370 to tune the engine and make other minor repairs on the used truck.
April 30.	Sold the used truck for $53,750. (Record depreciation to date in Year 2 for the truck.)
December 31.	Record depreciation for the new truck. It has an estimated residual value of $15,900 and an estimated life of 7 years.

Year 3

September 1.	Purchased a new truck for $80,000, paying cash.
September 4.	Sold the truck purchased January 9, Year 2, for $53,600. (Record depreciation to date for Year 3 for the truck.)
December 31.	Recorded depreciation on the remaining truck. It has an estimated residual value of $14,400 and an estimated useful life of 10 years.

Required:

Journalize the transactions and the adjusting entries. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations. Round your final answers to the nearest cent.

Date	Account	Debit	Credit
Year 1, January 8	Accounts PayableAccumulated Depreciation-Delivery TruckCashDelivery TruckTruck Repair and Maintenance Expense
	Accounts PayableAccumulated Depreciation-Delivery TruckCashDelivery TruckTruck Repair and Maintenance Expense
March 7	Accumulated Depreciation-Delivery TruckCashDelivery TruckDepreciation ExpenseTruck Repair and Maintenance Expense
	Accumulated Depreciation-Delivery TruckCashDelivery TruckDepreciation ExpenseTruck Repair and Maintenance Expense
December 31	Accumulated Depreciation-Delivery TruckCashDelivery TruckDepreciation Expense-Delivery TruckTruck Repair and Maintenance Expense
	Accumulated Depreciation-Delivery TruckCashDelivery TruckDepreciation Expense-Delivery TruckTruck Repair and Maintenance Expense
Year 2, January 9	Accounts PayableAccumulated Depreciation-Delivery TruckCashDelivery TruckDepreciation Expense
	Accounts PayableAccumulated Depreciation-Delivery TruckCashDelivery TruckDepreciation Expense
February 28	Accumulated Depreciation-Delivery TruckCashDelivery TruckDepreciation ExpenseTruck Repair and Maintenance Expense
	Accounts PayableAccumulated Depreciation-Delivery TruckCashDelivery TruckTruck Repair and Maintenance Expense
April 30 Depreciation	Accumulated Depreciation-Delivery TruckCashDelivery TruckDepreciation Expense-Delivery TruckTruck Repair and Maintenance Expense
	Accumulated Depreciation-Delivery TruckCashDelivery TruckDepreciation Expense-Delivery TruckTruck Repair and Maintenance Expense
April 30 Sale	Accumulated Depreciation-Delivery TruckDelivery TruckDepreciation Expense-Delivery TruckGain on Sale of Delivery TruckTruck Repair and Maintenance Expense
	Accounts PayableCashDelivery TruckDepreciation Expense-Delivery TruckTruck Repair and Maintenance Expense
	Accounts PayableDelivery TruckDepreciation Expense-Delivery TruckGain on Sale of Delivery TruckLoss on Sale of Delivery Truck
	Accumulated Depreciation-Delivery TruckCashDelivery TruckGain on Sale of Delivery TruckLoss on Sale of Delivery Truck
December 31	Accumulated Depreciation-Delivery TruckCashDelivery TruckDepreciation Expense-Delivery TruckTruck Repair and Maintenance Expense
	Accumulated Depreciation-Delivery TruckCashDelivery TruckDepreciation Expense-Delivery TruckTruck Repair and Maintenance Expense
Year 3, September 1	Accounts PayableAccumulated Depreciation-Delivery TruckCashDelivery TruckTruck Repair and Maintenance Expense
	Accounts PayableAccumulated Depreciation-Delivery TruckCashDelivery TruckTruck Repair and Maintenance Expense
September 4 Depreciation	Accumulated Depreciation-Delivery TruckCashDelivery TruckDepreciation Expense-Delivery TruckTruck Repair and Maintenance Expense
	Accumulated Depreciation-Delivery TruckCashDelivery TruckDepreciation Expense-Delivery TruckTruck Repair and Maintenance Expense
September 4 Sale	CashDelivery TruckDepreciation Expense-Delivery TruckGain on Sale of Delivery TruckLoss on Sale of Delivery Truck
	Accounts PayableAccumulated Depreciation-Delivery TruckDelivery TruckDepreciation Expense-Delivery TruckLoss on Sale of Delivery Truck
	Accounts PayableAccumulated Depreciation-Delivery TruckDelivery TruckDepreciation Expense-Delivery TruckLoss on Sale of Delivery Truck
	Accumulated Depreciation-Delivery TruckCashDepreciation Expense-Delivery TruckGain on Sale of Delivery TruckLoss on Sale of Delivery Truck
December 31	Accumulated Depreciation-Delivery TruckCashDelivery TruckDepreciation Expense-Delivery TruckTruck Repair and Maintenance Expense
	Accumulated Depreciation-Delivery TruckCashDelivery TruckDepreciation Expense-Delivery TruckTruck Repair and Maintenance Expense

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