User Account

All Pages

Prepare journal entries to record the following events:

Assignment Help Accounting Basics
Reference no: EM13866237

The Borrell Company purchased four delivery trucks on January 2, 2010 for $22,000 each. The company expected two of the trucks to last five years and have a residual value of $3,500 each. The other two trucks had an expected life of eight years and no residual value. The company uses straight line depreciation on a composite basis.


Required:

Prepare journal entries to record the following events:1. January 1, 2012. One of the two trucks expected to last five years is destroyed in an accident. The truck was not insured and the scrap value is $400.2. January 5, 2012. A new truck is acquired for $26,000. It has an expected life of four years and a residual value of $3,920.3. Depreciation expense for 2012. 

Reference no: EM13866237

Questions Cloud

Where else does the website discuss their commitment : Describe in detail how the company shared its commitment to quality on the website. For example, is Quality mentioned in the Mission Statement? Where else does the website discuss their commitment to quality
Difference between an error and negligence from : Is there a conceptual difference between an error and negligence from a reasonable care perspective? Give examples of each of your response
Information technology in public health : Information Technology in Public Health
What is probability that state will have more income tax : What is the probability that a particular state will have more than 2.5% of its income tax returns audited?
Prepare journal entries to record the following events: : The Borrell Company purchased four delivery trucks on January 2, 2010 for $22,000 each. The company expected two of the trucks to last five years and have a residual value of $3,500 each.
Implementation and configuration of vpn and routing : Design and plan the implementation and configuration of VPN and routing
What you think have happened if the manufacturer had waited : What do you think might have happened if the manufacturer had waited six months instead of four and tested an average weight loss of 30 pounds?
Normal force of the semicylinder on the ball : If the arm has an angular velocity co= 0.4 rad/s and an angular acceleration of a = 0.8 rad/s' at the instant 8 = 30°, determine the force of the arm AO on the ball and the normal force of the semicylinder on the ball. Neglect friction and the siz..
Difference between the ethical responsibilities of auditors : Explain the difference between the ethical responsibilities of auditors and auditor legal obligations.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Crandon company acquires an ore mine at a cost of 6300000

crandon company acquires an ore mine at a cost of 6300000. it incurs additional costs of 500000 to access the mine

  Determine the cost of material purchased the cost of raw

raw material inventory112004 5000raw material inventory12312004

  Sufficient years to retire the bonds

Kate Greenway Corporation, having recently issued a $20 million, 15-year bond issue, is committed to make annual sinking fund deposits of $620,000. The deposits are made on the last day of each year and yield a return of 10%. Will the fund at the ..

  The financial statements of the melton manufacturing

the financial statements of the melton manufacturing company reports net sales of 300000 and accounts receivable of

  Which of the following financial ratios is best measure of

which of the following financial ratios is the best measure of the operating effectiveness of a firms

  Steps in completing the accounting cycle

What are the steps in completing the accounting cycle? Discuss the relationship between the amounts on the Adjusted Trial Balance for an account and its ledger?

  Calculate the present value of the bond issue

Calculate the present value of the bond issue to determine its selling price.

  Is there a specific period of time that should be used

is there a specific period of time that should be used when developing historical experience for groups of loans with

  Maturity value in two years-before tax interest

Freddy purchased a certificate of deposit for $20,000 on January 1,2010. The certificate's maturity value in two years (December 31,2011) is $22,050. yeilding 5% before-tax interest.

  Break-even analysis and planning

Break-Even Analysis and Planning

  Illustrate out the term current liability from the

illustrate out the term current liability? from the perspective of the user of financial statements why do you believe

  The bl corporation started and completed 4800 units during

the bl corporation started and completed 4800 units during february. bl started the month with 700 units in process and

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd