Fast Delivery is the world's largest express transportation company. In addition to the world's largest fleet of all-cargo aircraft, the company has more than 661 aircraft and 57,000 vehicles and trailers that pick up and deliver packages. Assume that Fast Delivery sold a delivery truck that had been used in the business for three years. The records of the company reflected the following: Delivery truck cost Accumulated depreciation $ 57,000 41,900 Required: 1. Prepare the journal entry for the disposal of the truck, assuming that the truck sold for: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. $15,100 cash b. $16,100 cash c. $14,300 cash
Fast Delivery is the world's largest express transportation company. In addition to the world's largest fleet of all-cargo aircraft, the company has more than 661 aircraft and 57,000 vehicles and trailers that pick up and deliver packages. Assume that Fast Delivery sold a delivery truck that had been used in the business for three years. The records of the company reflected the following: Delivery truck cost Accumulated depreciation $ 57,000 41,900 Required: 1. Prepare the journal entry for the disposal of the truck, assuming that the truck sold for: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. $15,100 cash b. $16,100 cash c. $14,300 cash
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Fast Delivery is the world's largest express transportation company. In addition to the world's largest fleet of all-cargo aircraft, the
company has more than 661 aircraft and 57,000 vehicles and trailers that pick up and deliver packages. Assume that Fast Delivery sold
a delivery truck that had been used in the business for three years. The records of the company reflected the following:
Delivery truck cost
Accumulated depreciation
Required:
1. Prepare the journal entry for the disposal of the truck, assuming that the truck sold for: (If no entry is required for a
transaction/event, select "No journal entry required" in the first account field.)
a. $15,100 cash
b. $16,100 cash
c. $14,300 cash
$ 57,000
41,900
View transaction list
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