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A business truck was purchased on January 10, 2013 for $80,000, with an estimated life of 10 years and a residual value
Posted: Fri Jul 01, 2022 8:38 am
by answerhappygod
- A Business Truck Was Purchased On January 10 2013 For 80 000 With An Estimated Life Of 10 Years And A Residual Value 1 (49.69 KiB) Viewed 30 times
A business truck was purchased on January 10, 2013 for $80,000, with an estimated life of 10 years and a residual value of $15,000. It was sold on March 31, 2021 for $25,000 cash. (Assume all appropriate entries for depreciation had been made for the first eight years of use - 2013 through 2020, but not for the partial year in 2021.) Journalize the following entries: (a) Journalize the partial year depreciation as of the day of the sale (March 31st), using the straight-line method. (b) Journalize the sale of the equipment. Format: Use the Chart of Accounts to enter correct account name. Enter debits and credits as whole numbers WITH COMMAS, but NO DECIMALS OR DOLLAR SIGNS! Date Mar 31 Mar 311 Account Name Debit 100 Credit D