Quality Move Company made the following expenditures on one of its delivery trucks:Mar. 20Replaced the transmission at a cost of $1,720.June 11Paid $1,255 for installation of a hydraulic lift.Nov. 30Paid $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 ASSETS110Cash111Petty Cash112Accounts Receivable114Interest Receivable115Notes Receivable116Merchandise Inventory117Supplies119Prepaid Insurance120Land123Delivery Truck124Accumulated Depreciation-Delivery Truck125Equipment126Accumulated Depreciation-Equipment130Mineral Rights131Accumulated Depletion132Goodwill133Patents LIABILITIES210Accounts Payable211Salaries Payable213Sales Tax Payable214Interest Payable215Notes Payable EQUITY310Owner's Capital311Owner's Drawing REVENUE410Sales610Interest Revenue620Gain on Sale of Delivery Truck621Gain on Sale of Equipment EXPENSES510Cost of Merchandise Sold520Salaries Expense521Advertising Expense522Depreciation Expense-Delivery Truck523Delivery Expense524Repairs and Maintenance Expense529Selling Expenses531Rent Expense532Depreciation Expense-Equipment533Depletion Expense534Amortization Expense-Patents535Insurance Expense536Supplies Expense539Miscellaneous Expense710Interest Expense720Loss on Sale of Delivery Truck721Loss on Sale of Equipment Prepare journal entries for each expenditure. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1 JOURNALACCOUNTING EQUATION  DATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY1        2        3        4        5        6

Question
Asked Jan 12, 2020
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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
 
 
 
 
 
 
 
 
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