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tutorial test session 9, Exercises of Accounting

Ho Chi Minh City University of Economics (HMCUE)Accounting

principle of accounting tutorial test 09

Typology: Exercises

2020/2021

Uploaded on 11/16/2022

thuy-huong-dinh
thuy-huong-dinh 🇻🇳

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ACC201 -Principles of Accounting T3.2022
TUTORIAL TEST 09
Ozan Express Shipping services purchased a new delivery truck on May 1, 2017, at $36,000.
In addition, the company also paid sales tax and title fees of $1,200, special rack for storage
$800, signed painting on the truck for $500. The truck is expected to have a five-year life and
a salvage value of $4,000.
Required:
1. Prepare the depreciation schedule (5 columns) for the vehicle. Assume that the
business uses straight-line method.
2. Prepare the journal entry to record 2017 depreciation.
3. Assume that the truck was sold on July 1, 2020, for $22,000. Prepare the journal entry
to record the sale.

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ACC201 -Principles of Accounting T3.

TUTORIAL TEST 09

Ozan Express Shipping services purchased a new delivery truck on May 1, 2017, at $36,000. In addition, the company also paid sales tax and title fees of $1,200, special rack for storage $800, signed painting on the truck for $500. The truck is expected to have a five-year life and a salvage value of $4,000.

Required:

  1. Prepare the depreciation schedule (5 columns) for the vehicle. Assume that the business uses straight-line method.
  2. Prepare the journal entry to record 2017 depreciation.
  3. Assume that the truck was sold on July 1, 2020, for $22,000. Prepare the journal entry to record the sale.