9. P. Curtis bought a motor vehicle for $10 000 on 1 January 2006. It had a residual value of $500 and is to be used for 5 years. The motor vehicle was sold on 2 January 2008 for $6 000. YOU ARE REQUIRED TO:
9. P. Curtis bought a motor vehicle for $10 000 on 1 January 2006. It had a residual value of $500 and is to be used for 5 years. The motor vehicle was sold on 2 January 2008 for $6 000. YOU ARE REQUIRED TO:
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
ChapterA: Methods Of Depreciation
Section: Chapter Questions
Problem 4P: Use the information in Problem A-1 to solve this problem. Assume that the van is five-year property...
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Can you answer number 2 and 3
![9. P. Curtis bought a motor vehicle for $10 000 on 1 January 2006. It had a residual value of
$500 and is to be used for 5 years. The motor vehicle was sold on 2 January 2008 for
$6 000.
YOU ARE REQUIRED TO:
I.
Draw
up
the following Ledger accounts:
i.
Motor Vehicle account
50006
110.000
2006
Bank
[12
ii.
Provision for Depreciation account
2006
[2
iii.
Motor Vehicle Disposal account
Pag](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F916098a2-ad10-4836-94b8-713cfd62e150%2F8d1cbcfd-b43b-4cd6-908f-05b4106e9245%2F5fiobs_processed.jpeg&w=3840&q=75)
Transcribed Image Text:9. P. Curtis bought a motor vehicle for $10 000 on 1 January 2006. It had a residual value of
$500 and is to be used for 5 years. The motor vehicle was sold on 2 January 2008 for
$6 000.
YOU ARE REQUIRED TO:
I.
Draw
up
the following Ledger accounts:
i.
Motor Vehicle account
50006
110.000
2006
Bank
[12
ii.
Provision for Depreciation account
2006
[2
iii.
Motor Vehicle Disposal account
Pag
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