Nomad Industries is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Nomad sold a delivery truck for $15,000. Nomad had originally purchased the vehicle and recorded it in the Truck account for $25,000 and had recorded depreciation for three years. 4. Prepare the journal entry to record the disposal of the truck, assuming Accumulated Depreciation--Truck was (a) $10,000, (b) $9,000, and (c) $14,000. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Nomad Industries is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Nomad sold a delivery truck for $15,000. Nomad had originally purchased the vehicle and recorded it in the Truck account for $25,000 and had recorded depreciation for three years. 4. Prepare the journal entry to record the disposal of the truck, assuming Accumulated Depreciation--Truck was (a) $10,000, (b) $9,000, and (c) $14,000. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Nomad Industries is the world's leading express-distribution company. In addition to its 643 aircraft, the company has
more than 57,000 ground vehicles that pick up and deliver packages. Assume that Nomad sold a delivery truck for
$15,000. Nomad had originally purchased the vehicle and recorded it in the Truck account for $25,000 and had recorded
depreciation for three years.
2
4. Prepare the journal entry to record the disposal of the truck, assuming Accumulated Depreciation--Truck was (a) $10,000, (b) $9,000,
and (c) $14,000. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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Journal entry worksheet
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Record the sale of the truck that has an accumulated depreciation balance of
$10,000 at the time of disposal.
Note: Enter debits before credits.
Transaction
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General Journal
Debit
Credit
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