The following transactions and adjusting entries were completed by Legacy Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance method ofdepreciation is used.Year 1Jan. 4 Purchased a used delivery truck for $15,360, paying cash.Nov. 2 Paid garage $240 for miscellaneous repairs to the truck.Dec. 31 Recorded depreciation on the truck for the year. The estimated useful life of the truck is 4 years, with a residual valueof $3,200 for the truck.Year 2Jan. 6 Purchased a new truck for $9,000, paying cash.Apr. 1 Sold the used truck purchased on Jan. 4 of Year 1 for $6,270. (Record depreciation to date in Year 2 for the truck.)June 11 Paid garage $260 for miscellaneous repairs to the truck.Dec. 31 Record depreciation for the new truck. It has an estimated residual value of $1,600 and an estimated life of 5 years.Year 3July 1 Purchased a new truck for $88,000, paying cash.Oct. 2 Sold the truck purchased January 6, Year 2, for $3,480. (Record depreciation to date for Year 3 for the truck.)Dec. 31 Recorded depreciation on the remaining truck purchased on July 1. It has an estimated residual value of $15,800 andan estimated useful life of eight years.Required:Journalize the transactions and the adjusting entries. If an amount box does not require an entry, leaveblank. Do not round intermediate calculations. Round your final answers to the nearest cent.

Answered: Required: lournalize the transactions…

Required: lournalize the transactions and the adiusting entries Tf - it blank Do pot roun Round vouur final ancwerr to the nearect cent rmediate calculation

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

The following transactions and adjusting entries were completed by Legacy 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
Jan. 4 Purchased a used delivery truck for $15,360, paying cash.
Nov. 2 Paid garage $240 for miscellaneous repairs to the truck.
Dec. 31 Recorded depreciation on the truck for the year. The estimated useful life of the truck is 4 years, with a residual value
of $3,200 for the truck.
Year 2
Jan. 6 Purchased a new truck for $9,000, paying cash.
Apr. 1 Sold the used truck purchased on Jan. 4 of Year 1 for $6,270. (Record depreciation to date in Year 2 for the truck.)
June 11 Paid garage $260 for miscellaneous repairs to the truck.
Dec. 31 Record depreciation for the new truck. It has an estimated residual value of $1,600 and an estimated life of 5 years.
Year 3
July 1 Purchased a new truck for $88,000, paying cash.
Oct. 2 Sold the truck purchased January 6, Year 2, for $3,480. (Record depreciation to date for Year 3 for the truck.)
Dec. 31 Recorded depreciation on the remaining truck purchased on July 1. It has an estimated residual value of $15,800 and
an estimated useful life of eight years.
Required:
Journalize the transactions and the adjusting entries. If an amount box does not require an entry, leave
blank. Do not round intermediate calculations. Round your final answers to the nearest cent.

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Journal is the part of the book keeping.

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Calculate: D where D=5.96, and r=0.029