The following transactions and adjusting entries were completed by Legacy Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance method ofdepreciation is used.Year 1Jan. 4 Purchased a used delivery truck for $15,360, paying cash.Nov. 2 Paid garage $240 for miscellaneous repairs to the truck.Dec. 31 Recorded depreciation on the truck for the year. The estimated useful life of the truck is 4 years, with a residual valueof $3,200 for the truck.Year 2Jan. 6 Purchased a new truck for $9,000, paying cash.Apr. 1 Sold the used truck purchased on Jan. 4 of Year 1 for $6,270. (Record depreciation to date in Year 2 for the truck.)June 11 Paid garage $260 for miscellaneous repairs to the truck.Dec. 31 Record depreciation for the new truck. It has an estimated residual value of $1,600 and an estimated life of 5 years.Year 3July 1 Purchased a new truck for $88,000, paying cash.Oct. 2 Sold the truck purchased January 6, Year 2, for $3,480. (Record depreciation to date for Year 3 for the truck.)Dec. 31 Recorded depreciation on the remaining truck purchased on July 1. It has an estimated residual value of $15,800 andan estimated useful life of eight years.Required:Journalize the transactions and the adjusting entries. If an amount box does not require an entry, leaveblank. Do not round intermediate calculations. Round your final answers to the nearest cent.

Answered: Required: lournalize the transactions…

Required: lournalize the transactions and the adiusting entries Tf - it blank Do pot roun Round vouur final ancwerr to the nearect cent rmediate calculation

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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Linzee Liners estimates that its manufacturing overhead will be $1,761,800 in Year 1. It further estimates that direct labor costs will amount to $766,000. During March, Linzee worked on four jobs with actual direct labor costs of $36,600 for Job 0301, $24,100 for Job 0302, $33,600 for Job 0303, and $17,600 for Job 0304. Actual manufacturing overhead costs for the year were $1,750,000. Actual direct labor costs for the year were $751,000. Manufacturing overhead is applied to jobs based on direct labor costs using predetermined rates. The amount of overhead applied in each of the inventory accounts at the end of Year 1 is as follows Work-in-process inventory Finished goods Inventory Cost of goods sold $ 34,546 $ 276,368 $ 1,416,386 Required: Prepare an entry to allocate the over-or underapplied overhead. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list
Exercise 7-37 (Algo) Prorate Over- or Underapplied Overhead (LO 7-3) Marian Manufacturing (2M) applies manufacturing overhead to jobs based on direct labor costs, For Year 2, 2M estimates its manufacturing overhead to be $422,760 and its direct labor costs to be $813,000. 2M worked on three jobs for the year. Job 2M-1, which was sold during Year 2, had actual direct labor costs of $536,250. Job 2M-2, which was completed but not sold at the end of the year, had actual direct labor costs of $360,750. Job 2M-3, which is still in work-in-process inventory, had actual direct labor costs of $78,000. Actual manufacturing overhead for Year 2 was $540,400. Required: Prepare an entry to allocate over- or underapplied overhead to Work in Process, Finished Goods and Cost of Goods Sold. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Can you please provide the calculations that you used.
The Data Table function requires three variables. True False
SLO-2.3. The first or original step in recording transactions is in the OLedger Journal OTrial Balance OBalance Sheet
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I need typing clear urjent no chatgpt use i will give 5 upvotes
Calculate: D where D=5.96, and r=0.029
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hi im looking at the solution above and have a quuestion-im a littlepuzzled on exactly how i should be plugging in the numbersfor example, the chart liists Time (ln2/(ln(1+r)) but how exactly should i type this in my calculatorto get =l3/J3? maybe im overthinking it
An adjusting entry is considered a(n) _____ type transaction.