2013
Jan	1 Purchased a new truck for $60,000,paying cash
June	30 Paid garage $550. for miscellaneous repairs to the truck.
Dec	31 Recorded depreciation on the truck. It has an estimated residual value of $12,000 and an
	estimated life of five years.
	2014
June	30 Purchased a new truck for $55,000,paying cash
oct	1 Sold the truck purchased January 1, 2013 for $45,200( Hint Record depreciation)
Dec	31 Recorded depreciation on the truck. It has an estimated residual value of $15,000 and an
	estimated useful life of eight years.
	Instructions
	Journalize the transactions and ajusting entries.

Answer rating: 100% (QA)

Here are the journal entries for the transactions 2013 Jan 1 Truck Asset60000 Cash 60000 To r... View the full answer