Yoshi Company completed the following transactions and events involving its delivery trucks. Required Prepare journal entries to
Question:
Yoshi Company completed the following transactions and events involving its delivery trucks.
Required
Prepare journal entries to record these transactions and events.
Transcribed Image Text:
Year 1 Jan. 1 Paid $20,515 cash plus $1,485 in sales tax for a new delivery truck estimated to have a five-year life and a $2,000 salvage value. Delivery truck costs are recorded in the Trucks account. Dec. 31 Year 2 Dec. 31 Recorded annual straight-line depreciation on the truck. The truck's estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,400. Recorded annual straight-line depreciation on the truck. Year 3 Dec. 31 31 Recorded annual straight-line depreciation on the truck. Sold the truck for $5,300 cash.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (2 reviews)
Year 1 January 1 Debit Trucks 21990 20515 1485 Credit Cash 21990 December 31 Debit Depreciation Expe...View the full answer
Answered By
NITIN CHAUDHARY
I have done Masters in SCIENCE (PHYSICS) from MEERUT UNIVERSITY, CAMPUS. Also one project in IIT INDORE on nano materials to detect heavey metals in water. I have thought physics to B.TECH students for 1 year. Presently I am a teacher of physics in Dr. K.N. modi global school in modinagar.
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Yoshi Company completed the following transactions and events involving its delivery trucks. 2012 Jan. 1 Paid $ 20,515 cash plus $ 1,485 in sales tax for a new delivery truck estimated to have a...
-
Yoshi Company completed the following transactions and events involving its delivery trucks. 2016 Jan. 1 Paid $20,515 cash plus $1,485 in sales tax for a new delivery truck estimated to have a...
-
The below table contains information related to 1,2,3 Monthly Stats including Active base (At beginning of each month), Sales, Chum and Activated from Domant Please calculate the following:...
-
Dickletton Attorneys' policy is to bank all receipts in its Trust bank account and at the end of each month the bookkeeper transfers the relevant funds due to Dickletton Attorneys from the trust to...
-
If an employer has a defined-benefit pension plan, what components would make up its net periodic pension cost?
-
Redraw figure for the case where the slopes the equations are 1 and -1. What is the result of applying Gauss-Seidel to such a system?
-
A spindle is used on (a) machine tools (b) I.C. engines (c) cranes (d) automobiles
-
As an analyst at Churnem&Burnem Securities, you are responsible for making recommendations to your firm's clients regarding common stocks. After gathering data on Denver Semiconductors, you have...
-
comments about these post? 1. The bullwhip effect is a word used to explain a situation in supply chain management where minor consumer demand changes can cause intense fluctuations in demand...
-
Mercury Delivery Service completed the following transactions involving equipment. Required Prepare journal entries to record these transactions and events. Year 1 Jan. 1 3 Paid $25,860 cash plus...
-
Champion Contractors completed the following transactions involving equipment. Required Prepare journal entries to record these transactions and events. Jan. 1 3 Paid $287,600 cash plus $11,500 in...
-
Suppose that a phone company reports that the average duration of a cell phone call is 1.4 minutes, with a standard deviation of 1.2 minutes. 1. Would it be reasonable to use a normal distribution to...
-
Define distributed information system architecture and provide an example.
-
Does object-oriented technology help or hinder testing?
-
How is the concept of encapsulation applied to database management?
-
How do patterns relate to reuse?
-
Define patterns, methodologies, and recipes and give an example for each.
-
When would noncontrolling interest be presented on a balance sheet?
-
In Problems 718, write the augmented matrix of the given system of equations. f0.01x0.03y = 0.06 [0.13x + 0.10y = 0.20
-
Krug Company set the following standard unit costs for its single product. Direct materials (5 Ibs. @ $2 per Ib.) . . . . . . . . . . . . . . . . . . $10.00 Direct labor (0.3 hrs. @ $15 per hr.) . ....
-
Toronto Company's 2009 master budget included the following fixed budget report. It is based on an expected production and sales volume of 10,000 units. Required 1. Classify all items listed in the...
-
Refer to the information in Problem 8-2B. Toronto Company's actual income statement for 2009 follows. Required 1. Prepare a flexible budget performance report for 2009. Analysis Component 2. Analyze...
-
In what way does job analysis assist you in preparing to interview prospective employees? In what way can interviewing prospective employees assist you in job analysis?
-
If f(x) = -2x+5 and g(x) = x-1, then f(-3)+g(2) =
-
In a recent year, person A and person B had two concert tours, and together they generated $192.1 million in ticket sales. If person B took in $22.7 million less than person A, how many millions of...
Study smarter with the SolutionInn App