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Problem - On October 1, Bentley Delivery Services acquired a new truck with a list price (fair market value) of $75,000. Bentley Delivery received a trade-in allowance (fair market value) of $24,000 on an old truck of similar type and paid cash of $51,000. The following information about the old truck is obtained from the account in the equipment ledger: cost, $56,000; accumulated depreciation on December 31, the end of the preceding fiscal year, $35,000; annual depreciation, $7,000.
Assuming the exchange has commercial substance, journalize the entries to record (a) the current depreciation of the old truck to the date of trade-in and (b) the transaction on October 1.
On April 10, Fashion received the payment for the sale. Give the journal entry that will be recorded on April 10 by Fashion
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Sales on account in August were $137,000. The Cost of Goods Sold was $117,000. Prepare the income statement for August
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