The following transactions and adjusting entries were

Reference no: EM13572798

The following transactions and adjusting entries were completed by a local delivery company called Super Swift. The company uses straight-line depreciation for delivery vehicles, and double-declining-balance depreciation for buildings, and straight-line amortization for franchise rights.

January 2, 2010	Paid $77,000 cash to purchase a small warehouse building near the airport. The building has an estimated life of 20 years, and a residual value of $20,000.
July 1, 2010	Paid $30,200 cash to purchase a delivery van. The van has an estimated useful life of five years, and a residual value of $7,200.
October 2, 2010	Paid $420 cash to paint a small office in the warehouse building.
October 13, 2010	Paid $170 cash to get the oil changed in the delivery van.
December 1, 2010	Paid $78,000 cash to UPS to begin operating Super Swift business as a franchise using the name The UPS Store. This franchise right expires in five years.
December 31, 2010	Recorded depreciation and amortization on the delivery van, warehouse building, and franchise right.
June 30, 2011	Sold the warehouse building for $65,725 cash. (Record the depreciation on the building prior to recording its disposal.)
December 31, 2011	Recorded depreciation on the delivery van and amortization on the franchise right. Determined that the franchise right was not impaired in value.

Give the journal entries required on each of the above dates

Jan. 2	(Click to select)Gain on disposalVehiclesCashEquipmentLandBuildingLoss on disposalFranchise rights
	(Click to select)Gain on disposalLandCashVehiclesLoss on disposalFranchise rightsEquipmentBuilding

July 1	(Click to select)BuildingCashFranchise rightsLoss on disposalEquipmentVehiclesGain on disposalLand
	(Click to select)Loss on disposalCashGain on disposalFranchise rightsEquipmentLandVehiclesBuilding

Oct 2	(Click to select)CashFranchise rightsNotes payableRepairs and maintenance expenseDepreciation expenseBuildingAccounts payableLand
	(Click to select)Notes payableAccounts payableCashLandBuildingRepairs and maintenance expenseDepreciation expenseVehicles

Oct 13	(Click to select)Depreciation expenseAccounts payableRepairs and maintenance expenseFranchise rightsCashAmortization expenseAccumulated depreciationAccounts receivable
	(Click to select)Accumulated depreciationAccounts receivableRepairs and maintenance expenseCashDepreciation expenseAccounts payableFranchise rightsAmortization expense

Dec 1	(Click to select)VehiclesLandNote payableBuildingDepreciation expenseFranchise rightsCashAccumulated depreciation
	(Click to select)CashNote payableLandVehiclesBuildingDepreciation expenseAccumulated depreciationFranchise rights

Dec. 31	(Click to select)Accumulated depreciation-vehiclesAmortization expenseCashDepreciation expenseFranchise rightsAccumulated depreciation-bldg.Gain on disposal Loss on disposal
	(Click to select)Gain on disposal CashFranchise rightsAccumulated depreciation-vehiclesAmortization expenseAccumulated depreciation-bldg.Loss on disposal Depreciation expense
	(Click to select)Depreciation expenseLoss on disposalGain on disposal Amortization expenseCashAccumulated depreciation-vehiclesFranchise rightsAccumulated depreciation-bldg.
	(Click to select)Depreciation expenseAccumulated depreciation-bldg.Accumulated depreciation-vehiclesGain on disposal Franchise rightsCashLoss on disposalAmortization expense
	(Click to select)Depreciation expenseCashAmortization expenseAccumulated depreciation-bldg.Gain on disposal Franchise rightsLoss on disposalAccumulated depreciation-vehicles

2011
June 30	(Click to select)Accounts receivableAccumulated depreciation-vehiclesAccumulated depreciation-bldg.Depreciation expenseLoss on disposalAmortization expenseFranchise rightsBuilding
	(Click to select)Accumulated depreciation-bldg.Loss on disposalFranchise rightsAccumulated depreciation-vehiclesBuildingDepreciation expenseAccounts receivableAmortization expense

June 30	(Click to select)Loss on disposalFranchise rightsVehiclesImpairment lossGain on disposal CashAccumulated depreciation-bldg.Accumulated depreciation-vehicles
	(Click to select)Accumulated depreciation-bldg.Accumulated depreciation-vehiclesGain on disposal Franchise rightsCashVehiclesLoss on disposalImpairment loss
	(Click to select)Accumulated depreciation-vehiclesImpairment lossGain on disposal VehiclesAccumulated depreciation-bldg.Franchise rightsCashLoss on disposal
	(Click to select)Accumulated depreciation-bldg.Accounts payableCashLoss on disposalAmortization expenseBuildingDepreciation expenseAccounts receivable

Dec. 31	(Click to select)Impairment lossFranchise rightsAmortization expenseCashDepreciation expenseAccumulated depreciation-bldg.BuildingAccumulated depreciation-vehicles
	(Click to select)Amortization expenseDepreciation expenseAccumulated depreciation-bldg.Franchise rightsAccumulated depreciation-vehiclesBuildingCashImpairment loss
	(Click to select)Accumulated depreciation-bldg.BuildingAccumulated depreciation-vehiclesCashFranchise rightsAmortization expenseImpairment lossDepreciation expense
	(Click to select)BuildingImpairment lossAccumulated depreciation-bldg.Amortization expenseCashDepreciation expenseAccumulated depreciation-vehiclesFranchise rights

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Reference no: EM13572798

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