Journalize the entries for the upgrade to delivery truck and oil change expenditures.
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On April 15, Compton Co. paid $2,850 to upgrade a delivery truck and $75 for an oil change.
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- On April 15, Compton Co. paid $2,550 to upgrade a delivery truck and $65 for an oil change. Journalize the entries for the upgrade to delivery truck and oil change expenditures. If an amount box does not require an entry, leave it blank. April 15 April 15On July 1, Noshang Co. paid $3,800 to upgrade a delivery truck and $100 for an oil change. What account(s) would be debited for the upgrade to delivery truck and oil change?On April 15, Compton Co. paid $2,750 to upgrade a delivery truck and $55 for an oil change. Required: Journalize the entries for the upgrade to delivery truck and oil change expenditures. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSCompton Co.General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Inventory 117 Supplies 119 Prepaid Insurance 120 Land 121 Building 122 Accumulated Depreciation-Building 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Machinery 126 Accumulated Depreciation-Machinery 132 Goodwill 133 Patents LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales 610 Interest Revenue EXPENSES 510…
- On February 13, Scanlon Co. paid $1,790 to repair the transmission on one of its delivery vans. In addition, Scanlon paid $47 to install a GPS system in its van. A. Journalize the entries for the transmission. If an amount box does not require an entry, leave it blank. B. Journalize the entry for GPS system expenditures. If an amount box does not require an entry, leave it blank.On January 2, Dixie, Incorporated, pays a salvage company $1,000 to haul away a machine costing $28,000 with accumulated depreciation of $28,000. Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. On January 2, Dixie, Inc., pays a salvage company $1,000 to haul away a machine costing $28,000 with accumulated depreciation of $28,000.On December 29, Patel Products, Inc., sells a delivery van that cost $20,000. After recording the entry to bring the accumulated depreciation up-to-date, the delivery van had accumulated depreciation of $18,000. Patel received $2,000 cash from the purchaser of the delivery van. On December 29, Patel Products, Incorporated, sells a delivery van that cost $20,000. After recording the entry to bring the accumulated depreciation up-to-date, the delivery van had accumulated depreciation of $18,000. Patel received $2,000 cash from the purchaser of the delivery van. Complete the necessary journal entry to record the sale by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.
- DogMart Company records depreciation for equipment. Depreciation for the period ending December 31 is $2,600 for office equipment and $5,430 for production equipment. Journalize the two entries to record the depreciation. If an amount box does not require an entry, leave it blank. Dec. 31-Office fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 Dec. 31-Production fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12Quality Move Company made the following expenditures on one of its delivery trucks:Mar. 20. Replaced the transmission at a cost of $1,890.June 11. Paid $1,350 for installation of a hydraulic lift.Nov. 30. Paid $55 to change the oil and air filter.Prepare journal entries for each expenditure.The following information is available for Drake Company, which adjusts and closes its accounts every December 31: 1. Salaries accrued but unpaid total $2,840 on December 31. 2. The $247 December utility bill arrived on December 31 and has not been paid or recorded. 3. Buildings with a cost of $78,000, 25-year life, and $9,000 residual value are to be depreciated; equipment with a cost of $44,000, 8-year life, and $2,000 residual value is also to be depreciated. The straight-line method is to be used. 4. A count of supplies indicates that the Store Supplies account should be reduced by $128 and the Office Supplies account reduced by $397 for supplies used during the year. 5. The company holds a $6,000, 12% (annual rate), 6-month note receivable dated September 30, from a customer. The interest is to be collected on the maturity date. 6. Bad debts expense is estimated to be 1% of annual sales. Sales total $65,000. 7. An analysis of the company insurance policies…
- The following information is available for Drake Company, which adjusts and closes its accounts every December 31: 1. Salaries accured but Unpaid total $2,840 on December 31. 2. The $247 December Utility arrived on December 31 and has not been paid or recorded. 3. Buildings with a cost of $78,000, 25-year life, and $9,000 residual value are to be depreciated; equipment with a cost of $44,000, 8-year life, and $2,000 residual value is also to be depreciated. The straight-line method is to be used. 4. A count of supplies indicates that the Store Supp es account should be reduced by $128 and the Office Supplies account reduced by $397 for supplies used during the year. 5. The company holds a $6,000, 12% (annual rate), 6-month note receivable dated September 30 from a customer. The interest is to be collected on maturity date. 6. Bad debts expense is estimated to be 1% of annual sales.…A partial work sheet for Marge's Place is shown below. Prepare the following adjustments on this work sheet for the month ended June 30, 20--. Expired or used-up insurance, $570. Depreciation expense on equipment, $720 (Remember to credit the Accumulated Depreciation account for equipment, not Equipment). Wages accrued or earned since the last payday, $1,410 (owed and to be paid on the next payday). Supplies used, $110. If no amount is required, enter 0. Marge's Place Work Sheet For Month Ended June 30, 20-- TRIAL BALANCE ADJUSTMENTS ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT 1 Cash 4,577 1 2 Supplies 250 2 3 Prepaid Insurance 1,800 3 4 Equipment 4,880 4 5 Accumulated Depreciation, Equipment 1,350 5 6 Accounts Payable 2,539 6 7 M. Benson, Capital 4,751 7 8 M. Benson, Drawing 2,000 8 9 Income from Services 6,937 9 10 Rent Expense 1,086 10 11 Supplies Expense…A company purchased a machine at the cost of $759,600 on March 1 of year 1. On the same day, the business paid the shipping company $5,600 to deliver the machine and paid $14,500 to another business to install and test the new machine. The annual insurance policy for the new machine is $8,600. The company’s fiscal year end is November 30. The company’s accounting policy is to depreciate all machines using the double diminishing balance method. The machine has an expected useful lifespan of five-years and an estimated residual value of $30,000. However, the company discovered the machine did not meet its business requirements, so it sold the machine on September 1, year 3, for $156,500. Perform all your calculations to the nearest dollar. Show all your work. Instructions: Write you answers by hand, scan your working papers and upload to the link on the main page of the Moodle website as a PDF file. Show any calculations. Printing the problem information is permitted but only for…