1.The purchase price of the truck includes the Artwork for $4,000  (T/F)

2. The journal entry to recognize the purchase of the truck will be:

3.The Depreciation Expense in 2019 will be for:(____months)

4. To recognize Depreciation Expense, the journal entry would include:

Group of answer choices

a)CR Accumulated Depreciation

b)DR Accumulated Depreciation

c)CR Truck

d)CR Depreciation Expense

5.Depreciation Expense for Year 3 would be:

6.Which method of calculating depreciation expense is the LEAST accurate?

a)Straight-Line

b)Double Declining Balance

c)Units of Production

d)All methods are equally accurate

7.The Gain on Sale of the Truck is entered as a:

a)cr

b)dr

c)expense

d)receivable

8.At the time of sale, the balance in Accumulated Depreciation is:

9. At the time of sale, the balance in Accumulated Depreciation is:

10. At the time of sale, Cash is debited for:

 

Transcribed Image Text:

1. Prepare journal entries related to a piece of equipment. SHO W WORK a. Determine the acquisition cost of a truck, using the following info: Purchase Price 2$ 2$ Registration & Vehicle License Fee Artwork for business logo, phone nu 2$ 275,000 27,500 5,500 4,000 2,400 7/1/2019 $55,000 is Down Payment Sales Tax Insurance b. Purchase date: Cash Down Payment: Note Payable: Record straight-line depreciation expense for the year ended 12/31/1 Useful Life in years 5 Salvage Value Record the sale of the asset on 12/31/23 $25,000 d. Sales price $65,000 SHOW WORK TO SUPPORT ALL JOURNAL ENTRIES Debit Credit 1. Prepare journal entries related to a piece of equipment. SHO W WORK a. Determine the acquisition cost of a truck, using the following info: Purchase Price 2$ 2$ Registration & Vehicle License Fee Artwork for business logo, phone nu 2$ 275,000 27,500 5,500 4,000 2,400 7/1/2019 $55,000 is Down Payment Sales Tax Insurance b. Purchase date: Cash Down Payment: Note Payable: Record straight-line depreciation expense for the year ended 12/31/1 Useful Life in years 5 Salvage Value Record the sale of the asset on 12/31/23 $25,000 d. Sales price $65,000 SHOW WORK TO SUPPORT ALL JOURNAL ENTRIES Debit Credit