On April 15, Compton Co. paid $2,750 to upgrade a delivery truck and $55 for an oil change.Required: Journalize the entries for the upgrade to delivery truck and oil change expenditures. Refer to the Chart of Accounts for exact wording of account titles.CHART OF ACCOUNTSCompton Co.General Ledger ASSETS110Cash111Petty Cash112Accounts Receivable114Interest Receivable115Notes Receivable116Inventory117Supplies119Prepaid Insurance120Land121Building122Accumulated Depreciation-Building123Delivery Truck124Accumulated Depreciation-Delivery Truck125Machinery126Accumulated Depreciation-Machinery132Goodwill133Patents LIABILITIES210Accounts Payable211Salaries Payable213Sales Tax Payable214Interest Payable215Notes Payable EQUITY310Common Stock311Retained Earnings312Dividends REVENUE410Sales610Interest Revenue EXPENSES510Cost of Goods Sold520Salaries Expense521Advertising Expense522Supplies Expense523Delivery Expense524Rent Expense525Insurance Expense531Repairs and Maintenance Expense532Delivery Truck Repair Expense541Depreciation Expense-Building542Depreciation Expense-Delivery Truck543Depreciation Expense-Machinery544Amortization Expense-Patents591Miscellaneous Expense710Interest Expense Journalize the entries for the upgrade to delivery truck and oil change expenditures on April 15. Refer to the Chart of Accounts for exact wording of account titles. JOURNALACCOUNTING EQUATION DATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY1 2 3 4

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Description: On April 15, Compton Co. paid $2,750 to upgrade a delivery truck and $55 for an oil change.Required: Journalize the entries for the upgrade to delivery truck and oil change expenditures. Refer to the Chart of Accounts for exact wording of account tit

If the useful life of an asset is added or the upgradation is done to an existing assets then the…

Answered: On April 15, Compton Co. paid $2,750 to…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On April 15, Compton Co. paid $2,750 to upgrade a delivery truck and $55 for an oil change.

Required:

Journalize the entries for the upgrade to delivery truck and oil change expenditures. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTSCompton Co.General Ledger

	ASSETS
110	Cash
111	Petty Cash
112	Accounts Receivable
114	Interest Receivable
115	Notes Receivable
116	Inventory
117	Supplies
119	Prepaid Insurance
120	Land
121	Building
122	Accumulated Depreciation-Building
123	Delivery Truck
124	Accumulated Depreciation-Delivery Truck
125	Machinery
126	Accumulated Depreciation-Machinery
132	Goodwill
133	Patents

	LIABILITIES
210	Accounts Payable
211	Salaries Payable
213	Sales Tax Payable
214	Interest Payable
215	Notes Payable

	EQUITY
310	Common Stock
311	Retained Earnings
312	Dividends

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Goods Sold
520	Salaries Expense
521	Advertising Expense
522	Supplies Expense
523	Delivery Expense
524	Rent Expense
525	Insurance Expense
531	Repairs and Maintenance Expense
532	Delivery Truck Repair Expense
541	Depreciation Expense-Building
542	Depreciation Expense-Delivery Truck
543	Depreciation Expense-Machinery
544	Amortization Expense-Patents
591	Miscellaneous Expense
710	Interest Expense

Journalize the entries for the upgrade to delivery truck and oil change expenditures on April 15. Refer to the Chart of Accounts for exact wording of account titles.

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2
3
4

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