FabForm Industries completed the following transactions involving the purchase of delivery equipment. Required Prepare journal entries to
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Prepare journal entries to record thetransactions.
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2014 June 26 Paid cash for a new truck, S68,400 plus $3,420 in freight costs. The truck was estimated to have a fouryear life and an $18,000 residual value. 27 Paid $3,780 for special racks installed on the truck. The racks will enhance the economic benefits flowing from the truck. Dec. 3 Recorded straightline depreciation on the truck to the nearest whole month. Jan. 5 It was determined that the estimated useful life of the truck should be revised Mar. 15 Paid $660 for repairs to the truck's fender damaged when the driver backed Dec. 31 Recorded straightline depreciation on the truck to the nearest whole month. 2015 to a total of six years and the residual value changed to $10,100. into a loading dock. Assume the special racks depreciate in an identical manner as the truck.
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2014 June 26 Truck 71 820 Cash 71 820 To record purchasâ€¦View the full answer
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Related Book For
Fundamental Accounting Principles Volume II
ISBN: 9781259066511
14th Canadian Edition
Authors: Larson Kermit, Jensen Tilly
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