On January $1,2017,$ Land's End Construction purchased a used truck for $$38,500.$ A new motor had to be installed to get the truck in good working order, the costs were $$14,000$ for the motor and $$6,800$ for the labour. The truck was also painted for $$5,300.$ It was ready for use by January $4.$ A $12-$month insurance policy costing $$3,700$ was purchased to cover the vehicle. The driver filled it with $$190$ of gas before taking it on its first trip. It is estimated that the truck has a five$-$year useful life and a residual value of $$7,600.$ Land's End uses the straight$-$line method to depreciate all of its vehicles. $($If no entry is required for a transaction$/$ event, select $"$No journal entry required" in the first account field.$)$

a$.$ Prepare the entry to record the purchase of truck, insurance, and gas.

Journal entry worksheet

$1$

$2$

Record the purchase of Truck.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$January $01,2017,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$

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On January $1,2017,$ Land's End Construction purchased a used truck for $$38,500.$ A new motor had to be installed to get the truck in good working order; the costs were $$14,000$ for the motor and $$6,800$ for the labour. The truck was also painted for $$5,300.$ It was End uses the straight$-$line method to depreciate all of its vehicles. $($If no entry is required for a transaction$/$ event, select $"$No journal entry required" in the first account field.$)$

a$.$ Prepare the entry to record the purchase of truck, insurance, and gas.

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Journal entry worksheet

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Record the expenses incurred.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[\backslash$table$[[$January $04,],[2017]],,,],[,,,],[,,,],[,,,],[,,,]]$

b$.$ Record depreciation at year$-$end, December $31,2017.$

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Journal entry worksheet

$1$

Record the depreciation.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[\backslash$table$[[$December $31,],[2017]],,,],[,,,],[,,,],[,,,],[,,,]]$

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