The following transactions and adjusting entries were completed by Robinson Furniture Co. during a three-year period....

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The following transactions and adjusting entries were completed by Robinson Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance method of depreciation is used. Year 1 Jan. 8. Purchased a used delivery truck for $48,600, paying cash. Mar. 7. Paid garage $110 for changing the oil, replacing the oil filter, and tuning the engine on the delivery truck. Dec. 31. Recorded depreciation on the truck for the fiscal year. The estimated useful life of the truck is 9 years, with a residual value of $10,200 for the truck Year 2 Jan. 9. Purchased a new truck for $55,860, paying cash. Feb. 28. Paid garage $210 to tune the engine and make other minor repairs on the used truck. Apr. 30. Sold the used truck for $33,600. (Record depreciation to date in Year 2 for the truck.) Dec. 31. Record depreciation for the new truck. It has an estimated trade-in value of $10,100 and an estimated life of 7 years. Year 3 Sept. 1. Purchased a new truck for $82,000, paying cash. Sept. 4. Sold the truck purchased January 9, Year 2, for $34,000. (Record depreciation to date in Year 3 for the truck.) Dec. 31. Recorded depreciation on the remaining truck. It has an estimated residual value of $14,800 and an estimated useful life of 10 years. Required: Journalize the transactions and the adjusting entries. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations. Round your final answers to the nearest cent. Year 1 Jan. 8 Delivery Truck Cash Mar. 7 Truck Repair Expense Cash 48,600 110 45.600 110 Required: Journalize the transactions and the adjusting entries. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations. Round your final answers to the nearest cent. Year 1 Jan. 8 Delivery Truck Cash Mar. 7 Dec. 31 Year 2 Jan. 9 Feb. 28 Truck Repair Expense Cash Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Delivery Truck Cash Truck Repair Expense Cash Apr. 30-Deprec. Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Apr. 30-Sale Accumulated Depreciation-Delivery Truck Cash Loss on Sale of Delivery Truck Delivery Truck 48,600 110 10,622 X 55,860 210 2,775 X 13,397 X 31,600✔ 1,603 X 48,600✔ 110 ✓ 10,622 X 55,840 ✔ 210 2,775 X 48,600 Apr. 30-Deprec. Depreciation Expense-Delivery Truck Apr. 30-Sale Dec. 31 Cash Sept. 4-Sale Accumulated Depreciation-Delivery Truck Dec. 31 Accumulated Depreciation-Delivery Truck Cash Loss on Sale of Delivery Truck Delivery Truck Year 3 Sept. 1 Delivery Truck Cash Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Sept. 4-Deprec. Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Cash Accumulated Depreciation-Delivery Truck Delivery Truck Gain on Sale of Delivery Truck Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck 2,775 X 13,397 X 33,600 1,603 X 15,610 X 82,000 7,782 X 34,000 1,532 X 5,482 X 210 2,775 X 48,600 15,610 X 82,000 7,782 X 55,860 23,392 X 5,482 X The following transactions and adjusting entries were completed by Robinson Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance method of depreciation is used. Year 1 Jan. 8. Purchased a used delivery truck for $48,600, paying cash. Mar. 7. Paid garage $110 for changing the oil, replacing the oil filter, and tuning the engine on the delivery truck. Dec. 31. Recorded depreciation on the truck for the fiscal year. The estimated useful life of the truck is 9 years, with a residual value of $10,200 for the truck Year 2 Jan. 9. Purchased a new truck for $55,860, paying cash. Feb. 28. Paid garage $210 to tune the engine and make other minor repairs on the used truck. Apr. 30. Sold the used truck for $33,600. (Record depreciation to date in Year 2 for the truck.) Dec. 31. Record depreciation for the new truck. It has an estimated trade-in value of $10,100 and an estimated life of 7 years. Year 3 Sept. 1. Purchased a new truck for $82,000, paying cash. Sept. 4. Sold the truck purchased January 9, Year 2, for $34,000. (Record depreciation to date in Year 3 for the truck.) Dec. 31. Recorded depreciation on the remaining truck. It has an estimated residual value of $14,800 and an estimated useful life of 10 years. Required: Journalize the transactions and the adjusting entries. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations. Round your final answers to the nearest cent. Year 1 Jan. 8 Delivery Truck Cash Mar. 7 Truck Repair Expense Cash 48,600 110 45.600 110 Required: Journalize the transactions and the adjusting entries. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations. Round your final answers to the nearest cent. Year 1 Jan. 8 Delivery Truck Cash Mar. 7 Dec. 31 Year 2 Jan. 9 Feb. 28 Truck Repair Expense Cash Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Delivery Truck Cash Truck Repair Expense Cash Apr. 30-Deprec. Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Apr. 30-Sale Accumulated Depreciation-Delivery Truck Cash Loss on Sale of Delivery Truck Delivery Truck 48,600 110 10,622 X 55,860 210 2,775 X 13,397 X 31,600✔ 1,603 X 48,600✔ 110 ✓ 10,622 X 55,840 ✔ 210 2,775 X 48,600 Apr. 30-Deprec. Depreciation Expense-Delivery Truck Apr. 30-Sale Dec. 31 Cash Sept. 4-Sale Accumulated Depreciation-Delivery Truck Dec. 31 Accumulated Depreciation-Delivery Truck Cash Loss on Sale of Delivery Truck Delivery Truck Year 3 Sept. 1 Delivery Truck Cash Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Sept. 4-Deprec. Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Cash Accumulated Depreciation-Delivery Truck Delivery Truck Gain on Sale of Delivery Truck Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck 2,775 X 13,397 X 33,600 1,603 X 15,610 X 82,000 7,782 X 34,000 1,532 X 5,482 X 210 2,775 X 48,600 15,610 X 82,000 7,782 X 55,860 23,392 X 5,482 X

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Corrected wrong entries are as follows Corrected Mistake Entries Date Accounts Debit Credit Dec 31 of Year 1 Depreciation Expense Delivery Truck 10800... View the full answer