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Question
I am having trouble with a comprehensive errors hw problem. Basically the problem has 4 trucks that were purchased at different times along with and are depreciated using a straight line depreciation method. Basically the company depreciated their assets incorrectly, and the problem asks to correct these errors. Errors include:
One of the trucks was sold and the only entry made was a debit to cash and a credit to trucks
One truck was traded and the only entry was the a debit to trucks and a credit to cash (the company had to pay a small amount for the traded trucks).
One truck was damaged in a wreck and sold for junk and the company also got insurance money. The recorded entry was Debit to Cash and a Credit to Misc. Revenue (for the cash received) and a credit to Trucks (for the Insurance Money received).
Last was an entry for a new truck that was acquired and an entry of debit to truck and credit to truck.
Do you think you could help me figure out where they went wrong with these entries, along with how the trucks should be depreciated?
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