Venus Company owned a service truck that was purchased at the beginning of 2011 for ($ 20,000).
Question:
Venus Company owned a service truck that was purchased at the beginning of 2011 for \(\$ 20,000\). It had an estimated life of three years and an estimated salvage value of \(\$ 2,000\). Venus uses straight-line depreciation. Its financial condition as of January 1, 2013, is shown in the following financial statements model:
In 2013, Venus spent the following amounts on the truck:
Required
a. Record the 2013 transactions in a statements model like the preceding one.
b. Prepare journal entries for the 2013 transactions.
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Venus Company Statements Model for 2013 Assets Stockholders Equity Revenue Expense Net Income Cash F...View the full answer
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