! Required information [The following information applies to the questions displayed below.] WeDeliver Incorporated 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 WeDeliver sold a delivery truck for $19,000. WeDeliver had originally purchased the vehicle and recorded it in the Truck account for $31,000 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) $12,000, (b) $7,000, and (c) $15,000. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
! Required information [The following information applies to the questions displayed below.] WeDeliver Incorporated 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 WeDeliver sold a delivery truck for $19,000. WeDeliver had originally purchased the vehicle and recorded it in the Truck account for $31,000 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) $12,000, (b) $7,000, and (c) $15,000. (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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Required information
[The following information applies to the questions displayed below.]
WeDeliver Incorporated 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 WeDeliver sold a delivery truck for
$19,000. WeDeliver had originally purchased the vehicle and recorded it in the Truck account for $31,000 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) $12,000, (b) $7,000,
and (c) $15,000. (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
$12,000 at the time of disposal.
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3648e63c-5f72-43ae-9547-3b45613e4e55%2F79fbce45-0020-42e5-a34e-2eb996339024%2Fx0ysbks_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
WeDeliver Incorporated 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 WeDeliver sold a delivery truck for
$19,000. WeDeliver had originally purchased the vehicle and recorded it in the Truck account for $31,000 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) $12,000, (b) $7,000,
and (c) $15,000. (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
$12,000 at the time of disposal.
>
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Step 1: Introduce to journal entry
VIEWStep 2: Working for gain or loss on disposal of accumulated depreciation is $12,000
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 $15,000
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