Answer Happy

3 a. Gary’s Shoes purchases a Delivery Van for store #33 for
$25,000 with a 5 year useful life and an expected trade in value of
$5,000 on 1 January. On 15 February, Al takes the Delivery van in
for ordinary repairs costing $750 and pays for these repairs at
that time. Give the needed journal entry for this.
b. Gary’s Shoes purchases a Delivery Van for store #33 for
$25,000 with a 5 year useful life and an expected trade in value of
$5,000 on 1 January. On 15 February, Al takes the Delivery van in
for betterment by adding a Boss stereo costing $750 and pays for
this stereo at that time. Give the needed journal entry for
this.
c. Gary’s Shoes purchases a Delivery Van for store #33 for
$25,000 with a 5 year useful life and an expected trade in value of
$5,000 on 1 January. At the end of the year, the following is in
ledgers for Delivery Van = $25,000 and Accumulated
Depreciation-Delivery Van = $4,000. If Gary sells the Deliver Van
for $22,000, give the needed entry.
d. Gary’s Shoes purchases a Delivery Van for store #33 for
$25,000 with a 5 year useful life and an expected trade in value of
$5,000 on 1 January. At the end of the year, the following is in
ledgers for Delivery Van = $25,000 and Accumulated
Depreciation-Delivery Van = $4,000. If Gary sells the Deliver Van
for $20,000, give the needed entry.