! Required information [The following information applies to the questions displayed below.] VQT Companies 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 VQT sold a delivery truck for $20,000. VQT had originally purchased the vehicle and recorded it in the Truck account for $33,000 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) $13,000, (b) $7,000, and (c) $17,000. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 Record the sale of the truck that has an accumulated depreciation balance of $13,000 at the time of disposal. Note: Enter debits before credits. Transaction a General Journal Debit Credit Record entry View general journal Clear entry
! Required information [The following information applies to the questions displayed below.] VQT Companies 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 VQT sold a delivery truck for $20,000. VQT had originally purchased the vehicle and recorded it in the Truck account for $33,000 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) $13,000, (b) $7,000, and (c) $17,000. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 Record the sale of the truck that has an accumulated depreciation balance of $13,000 at the time of disposal. Note: Enter debits before credits. Transaction a General Journal Debit Credit Record entry View general journal Clear entry
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
[The following information applies to the questions displayed below.]
VQT Companies 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 VQT sold a
delivery truck for $20,000. VQT had originally purchased the vehicle and recorded it in the Truck account for
$33,000 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)
$13,000, (b) $7,000, and (c) $17,000. (If no entry is required for a transaction/event, select "No Journal Entry
Required" in the first account field.)
View transaction list
Journal entry worksheet
<
1 2
3
Record the sale of the truck that has an accumulated
depreciation balance of $13,000 at the time of disposal.
Note: Enter debits before credits.
Transaction
a
General Journal
Debit Credit
Record entry
View general journal
Clear entry](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc922ea8c-759f-475f-91ef-8da1a3cebdb0%2F202056e6-0102-48e2-9350-5619f8121af4%2Fgk4i0y_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
VQT Companies 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 VQT sold a
delivery truck for $20,000. VQT had originally purchased the vehicle and recorded it in the Truck account for
$33,000 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)
$13,000, (b) $7,000, and (c) $17,000. (If no entry is required for a transaction/event, select "No Journal Entry
Required" in the first account field.)
View transaction list
Journal entry worksheet
<
1 2
3
Record the sale of the truck that has an accumulated
depreciation balance of $13,000 at the time of disposal.
Note: Enter debits before credits.
Transaction
a
General Journal
Debit Credit
Record entry
View general journal
Clear entry
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Step 1: Introduce to journal entry
VIEWStep 2: Working for gain or loss on disposal of accumulated depreciation is $13,000
VIEWStep 3: Working for gain or loss on disposal of accumulated depreciation is $7,000
VIEWStep 4: Working for gain or loss on disposal of accumulated depreciation is $17,000
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