The following transactions and adjusting entries were completed by Legacy Furniture Co. during a three-year period. All are related to theuse of delivery equipment. The double-declining-balance method of depreciation is used.   Journalize the transactions and the adjusting entries. Refer to the Chart of Accounts for exact wording of account titles.

Prepare the entry to record the sale of asset D for cash of $4,800. It was used for 6 years, and depreciation was entered under the composite method. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Use Plant Assets related account. List all debit entries before credit entries.) Account Titles and Explanation Accumulated Depreciation - Plant Assets Debit 2000 Credit Cash Plant Assets 4800 6800

Oaktree Company purchased new equipment and made the following expenditures: Purchase price Sales tax Freight charges for shipment of equipment Insurance on the equipment for the first year Installation of equipment The equipment, including sales tax, was purchased on open account with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Prepare the necessary journal entries to record the above expenditures (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 $50,000 2,700 750 958 1,500 2 Record the purchase of equipment.

Ashvibhai

Read the following case and record the transactions and the corresponding adjustment entries: At Caribe Music, a company dedicated to the sale of music equipment, there have been the following transactions and adjustments in the past two years. The transactions are related to the use of the shipping equipment. The depreciation method was the double declining balance. First year Transacción February 6 A used delivery truck was purchased in cash for $35,000. July 7 $700 was paid in truck repairs. December 31 Records the depreciation of the truck for the calendar year. The truck had a lifespan of 3 years. The truck had a residual of $4,500. Second year   January 8 A new truck was purchased in cash for $52,000. June 10 Maintenance and repairs were performed on the truck for $625. July 9 $300 was paid for repairs to the used truck that was purchased the first year. September 19 The truck that was purchased in the first year was sold for…

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 $27,200, paying cash. Nov. 2. Paid garage $630 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 $5,005 for the truck. Year 2   Jan. 6. Purchased a new truck for $49,250, paying cash. Apr. 1. Sold the used truck for $14,670. (Record depreciation to date in Year 2 for the truck.) June 11. Paid garage $450 for miscellaneous repairs to the truck. Dec. 31. Record depreciation for the new truck. It has an estimated residual value of $8,950 and an estimated life of five years. Year 3   July 1. Purchased a new truck for $53,920, paying cash. Oct. 2. Sold the truck…

The following transactions and adjusting entries were completed by Legacy Furniture Co. during a 3-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 $27,680, paying cash. Nov. 2. Paid garage $725 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 $4,900 for the truck. Year 2   Jan. 6. Purchased a new truck for $49,850, paying cash. Apr. 1. Sold the used truck for $15,050. (Record depreciation to date in Year 2 for the truck.) June 11. Paid garage $450 for miscellaneous repairs to the truck. Dec. 31. Record depreciation for the new truck. It has an estimated residual value of $9,185 and an estimated life of 5 years. Year 3   July 1. Purchased a new truck for $53,640, paying cash. Oct. 2. Sold the truck purchased…

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,…