(Answered) The following transactions adjusting entries and closing

Accounting

The following transactions, adjusting entries, and closing entries were completed by Trail Creek 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.

2008

Jan. 6. Purchased a used delivery truck for $24,000, paying cash

July 19. Paid garage $500 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 of $4,000 for the truck.

2009

Jan. 2. Purchased a new truck for $69,000, paying cash

Aug. 1. Sold the used truck for $10,250. (Record depreciation to date in 2009 for the truck)

Oct. 24. Paid garage $415 for miscellaneous repairs to the truck.

Dec. 31. Record depreciation for the new truck. It has an estimated residual value of $15,000 and an estimated life of five years.

2010

July 1. Purchased a new truck for $70,000, paying cash

Oct. 1. Sold the truck purchased January 2, 2009, for $25,000. (Record depreciation for the year).

Dec. 31. Recorded depreciation on the remaining truck. It has an estimated residual value of $18,000 and an estimated useful life of eight years.

Instructions

Journalize the transactions and the adjusting entries.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91884302
Price:- $10

Verified Expert

Priced at $20 Now at $10, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - a fire destroys all of the merchandise of

Question - A fire destroys all of the merchandise of Bridgeport Company on February 10, 2017. Presented below is information compiled up to the date of the fire. Inventory, January 1, 2017$395,100 Sales revenue to Februa ...

Question in this case management is presented with several

Question: In this case, management is presented with several decision options. For this assignment, you are required to provide a two to three single-spaced written memo evaluating options and providing recommendations. ...

Question - on the last day of the fiscal year a co-worker

Question - On the last day of the fiscal year, a co-worker asks for a check to be cut for $2,000 as a miscellaneous expense for supplies for a project for a VIP customer today. The invoice looks a little different from o ...

Question you manage a plant that mass-produces engines by

Question: You manage a plant that mass-produces engines by teams of workers using assembly machines. The technology is summarized by the production function q = 5KL where q is the number of engines per week, K is the num ...

Question - the following information relates to rem corps

Question - The following information relates to Rem Corp's accounts receivable for 2015: Accounts receivable, 1/1/15 $ 500,000 Credit sales for 2015 2,000,000 Sales returns for 2015 60,000 Accounts written off during 201 ...

Questions -q1 conner corporations adjusted trial balance

Questions - Q1. Conner Corporation's adjusted trial balance included the following items:Accounts payable ($65,000), Accounts receivable ($45,000), Capital stock ($100,000), Cash ($50,000), Dividends ($10,000), Goodwill ...

Questions -q1 at december 31 2018 lyndseys boutique had

Questions - Q1. At December 31, 2018, Lyndsey's Boutique had 1,000 gift certificates outstanding, which had been sold to customers during 2018 for $75 each. Lyndsey's business operates on a gross profit of 60 percent of ...

Question - yancey co receives 300000 when it issues a

Question - Yancey Co. receives $300,000 when it issues a $300,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2017. The terms provide for annual installment payments of $50,000 o ...

Question - jozy altidore invested 6000 at 5 annual interest

Question - Jozy Altidore invested $6,000 at 5% annual interest, and left the money invested without withdrawing any of the interest for 12 years. At the end of the 12 years, Jozy withdrew the accumulated amount of money. ...

Question - a summary of labor costs and associated

Question - A summary of labor costs and associated deductions for the month of July follows: Gross PAYG Tax Super Medical Fund Direct labour 40,000 12,000 2,000 200 Indirect labour 8,000 2,400 400 40 48,000 14,400 2, ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert