View the step-by-step solution to:

PR 9-5A Transactions for fixed assets, including sale The following transactions, adjusting entries, and closing entries were completed by D. Hurd...

PR 9-5A Transactions for fixed assets, including sale
The following transactions, adjusting entries, and closing entries were completed by D. Hurd Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance method of depreciation is used.
2010
Jan. 9. Purchased a used delivery truck for $30,000, paying cash.
Mar. 17. Paid garage $400 for miscellaneous repairs to the truck.
Dec. 31. Recorded depreciation on the truck for the year. The estimated useful life of the truck is four years, with a residual value of $6,000 for the truck.
2011
Jan. 2. Purchased a new truck for $48,000, paying cash.
Aug. 1. Sold the used truck for $12,500. (Record depreciation to date in 2011 for the truck.)
Sept. 23. Paid garage $325 for miscellaneous repairs to the truck.
Dec. 31. Record depreciation for the new truck. It has an estimated residual value of $11,000 and an estimated life of ve years.
2012
July 1. Purchased a new truck for $52,000, paying cash.
Oct. 2. Sold the truck purchased January 2, 2011, for $17,000. (Record depreciation for the year.)
Dec. 31. Recorded depreciation on the remaining truck. It has an estimated residual value of $14,000 and an estimated useful life of eight years.
Instructions
Journalize the transactions and the adjusting entries
Sign up to view the entire interaction

Top Answer

Dear Student Please find... View the full answer

document.xls

D. Hurd Furniture
Company
Detail Report
12/31/2012
Field
General Ledger Accounts
Cash
Accounts Receivable
Merchandise Inventory
Delivery Equipment
Accum. Dep.--Delivery Eq.
Accounts Payable
Notes...

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask a homework question - tutors are online