Find the transactions-adjusting entries and closing entries

Assignment Help Accounting Basics

Reference no: EM131228063

The following transactions, adjusting entries, and closing entries were completed by King 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.

2012
Jan. 4.	Purchased a used delivery truck for $29,400, paying cash.
Feb. 24.	Paid garage $180 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 7 years, with a residual value of $6,200 for the truck.
2013
Jan. 3.	Purchased a new truck for $53,460, paying cash.
Mar. 7.	Paid garage $440 to tune the engine and make other minor repairs on the used truck.
Apr. 30.	Sold the used truck for $18,150. (Record depreciation to date in 2013 for the truck.)
Dec. 31.	Record depreciation for the new truck. It has an estimated trade-in value of $9,600 and an estimated life of 9 years.
2014
July 1.	Purchased a new truck for $89,000, paying cash.
Oct. 7.	Sold the truck purchased January 3, 2013, for $36,250. (Record depreciation to date in 2014 for the truck.)
Dec. 31.	Recorded depreciation on the remaining truck. It has an estimated residual value of $16,000 and an estimated

Reference no: EM131228063

Questions Cloud

How a change in aggregate supply would cause deflation : In the diagram for this exercise, use aggregate demand and aggregate supply curves to show an economy initially at equilibrium and identify the price level as P.

What is the typical pattern of saving for an individual over : What impact does this behavior have on an individual's lifetime consumption pattern? What impact does the behavior have on the saving rate in the overall economy?

What was the hardest part of the session : Select a person in your life (co-worker, friend, family member, or someone you know well). Have a coaching session with them and then answer the following questions: Was it difficult to have a coaching session (did it turn into a counseling session..

Explain what is the profitability index of the project : Emu Electronics is an electronics manufacturer located in Box Hill, Victoria. The company's managing director is Shelly Chan, who inherited the company from her father. What is the payback period of the project? What is the profitability index of t..

Find the transactions-adjusting entries and closing entries : The following transactions, adjusting entries, and closing entries were completed by King 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.

Which of those indicators might affect investment : Why do economic forecasters pay special attention to investment plans? Take a look at the Conference Board's index of leading economic indictors at http://www.conferenceboard.org.Which of those indicators might affect investment?

How do changes in net taxes affect the consumption function : (Government Spending) How do changes in disposable income affect government purchases and the government purchase function? How do changes in net taxes affect the consumption function?

Compute probabilities using the binomial formula : Compute these probabilities using the binomial formula, or using an online binomial calculator such as those available here or here - How many correct responses does Kayla actually have and Is the setting of adolescents related to their well-being?

Alternate or opposing perspectives on the topic area : Be sure to include works that provide alternate or opposing perspectives on the topic area to demonstrate unbiased research. Focus particularly on those works that address main ideas in the field, spell out areas of controversy

User Account

All Pages