Journal entries to record transactions and events

Assignment Help Accounting Basics

Reference no: EM13150740

Computing and revising depreciation; selling plant assets 2007

Jan 1 Paid $22, 989 cash plus $1,823 in sales tax for a new delivery truck estimated to have a five year life and a $3,560 salvage value. Delivery truck costs are recorded in the Trucks account.

Dec 31 Recorded annual straight-line depreciation on the truck 2008

Dec 31 Due to new informatin obtained earlier in the year. The truck's estimated useful life was changed from five years to six years, and the estimated salvage value was increased to $ $5,350 annual straight-line depreciation on the truck 2009

Dec 31 Recorded annual straight-line depreciation on the truck

Dec 31 Sold the truck for $6,570 cash

Required:

Prepare a journal entries to record these transactions and events.

Reference no: EM13150740

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