Quality Move Company made the following expenditures on one of its delivery trucks: Mar. 20 Replaced the transmission at a cost of $1,720. June 11 Paid $1,255 for installation of a hydraulic lift. Nov. 30 Paid $55 to change the oil and air filter. Prepare journal entries for each expenditure. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSQuality Move CompanyGeneral Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Equipment 126 Accumulated Depreciation-Equipment 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 133 Patents LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Owner's Capital 311 Owner's Drawing REVENUE 410 Sales 610 Interest Revenue 620 Gain on Sale of Delivery Truck 621 Gain on Sale of Equipment EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Delivery Truck 523 Delivery Expense 524 Repairs and Maintenance Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense-Equipment 533 Depletion Expense 534 Amortization Expense-Patents 535 Insurance Expense 536 Supplies Expense 539 Miscellaneous Expense 710 Interest Expense 720 Loss on Sale of Delivery Truck 721 Loss on Sale of Equipment Prepare journal entries for each expenditure. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6
Quality Move Company made the following expenditures on one of its delivery trucks: Mar. 20 Replaced the transmission at a cost of $1,720. June 11 Paid $1,255 for installation of a hydraulic lift. Nov. 30 Paid $55 to change the oil and air filter. Prepare journal entries for each expenditure. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSQuality Move CompanyGeneral Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Equipment 126 Accumulated Depreciation-Equipment 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 133 Patents LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Owner's Capital 311 Owner's Drawing REVENUE 410 Sales 610 Interest Revenue 620 Gain on Sale of Delivery Truck 621 Gain on Sale of Equipment EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Delivery Truck 523 Delivery Expense 524 Repairs and Maintenance Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense-Equipment 533 Depletion Expense 534 Amortization Expense-Patents 535 Insurance Expense 536 Supplies Expense 539 Miscellaneous Expense 710 Interest Expense 720 Loss on Sale of Delivery Truck 721 Loss on Sale of Equipment Prepare journal entries for each expenditure. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6
Chapter11: Long-term Assets
Section: Chapter Questions
Problem 4PA: During the current year, Arkells Inc. made the following expenditures relating to plant machinery. ...
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Question
Quality Move Company made the following expenditures on one of its delivery trucks:
Mar. 20 | Replaced the transmission at a cost of $1,720. |
June 11 | Paid $1,255 for installation of a hydraulic lift. |
Nov. 30 | Paid $55 to change the oil and air filter. |
Prepare journal entries for each expenditure. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTSQuality Move CompanyGeneral Ledger
ACCOUNTING EQUATION
ASSETS | |
110 | Cash |
111 | Petty Cash |
112 | Accounts Receivable |
114 | Interest Receivable |
115 | Notes Receivable |
116 | Merchandise Inventory |
117 | Supplies |
119 | Prepaid Insurance |
120 | Land |
123 | Delivery Truck |
124 | |
125 | Equipment |
126 | Accumulated Depreciation-Equipment |
130 | Mineral Rights |
131 | Accumulated Depletion |
132 | |
133 | Patents |
LIABILITIES | |
210 | Accounts Payable |
211 | Salaries Payable |
213 | Sales Tax Payable |
214 | Interest Payable |
215 | Notes Payable |
EQUITY | |
310 | Owner's Capital |
311 | Owner's Drawing |
REVENUE | |
410 | Sales |
610 | Interest Revenue |
620 | Gain on Sale of Delivery Truck |
621 | Gain on Sale of Equipment |
EXPENSES | |
510 | Cost of Merchandise Sold |
520 | Salaries Expense |
521 | Advertising Expense |
522 | Depreciation Expense-Delivery Truck |
523 | Delivery Expense |
524 | Repairs and Maintenance Expense |
529 | Selling Expenses |
531 | Rent Expense |
532 | Depreciation Expense-Equipment |
533 | Depletion Expense |
534 | Amortization Expense-Patents |
535 | Insurance Expense |
536 | Supplies Expense |
539 | Miscellaneous Expense |
710 | Interest Expense |
720 | Loss on Sale of Delivery Truck |
721 | Loss on Sale of Equipment |
Prepare journal entries for each expenditure. Refer to the Chart of Accounts for exact wording of account titles.
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