repare journal entries for each expenditure.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets
Section: Chapter Questions
Problem 6AP
Related questions
Question
Quality Move Company made the following expenditures on one of its delivery trucks:
| Mar. 20 | Replaced the transmission at a cost of $1,990. |
| June 11 | Paid $1,455 for installation of a hydraulic lift. |
| Nov. 30 | Paid $57 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.
PAGE 1
JOURNAL
| DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
|---|---|---|---|---|---|---|---|---|
|
1
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
|
|
|
6
|
|
|
|
|
|
|
|
|
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning