DateDescriptionDebitCredit2014Jan. 4Delivery Truck2800.pdf

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The document shows journal entries related to the purchase, repair, depreciation, and sale of delivery trucks between 2014-2016. It records the purchase of a truck for $28,000 in 2014, depreciation expenses calculated using the double declining balance method, repair expenses, sale of trucks and the resulting profit or loss. In 2016, a truck is purchased for $55,400 and depreciation and sale entries are made.

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Date
Description
Debit
Credit
2014
Jan. 4
Delivery Truck
28000
Cash
28000
Nov 2
Truck Repair Expense
635
Cash
635
Dec 31
Depreciation Expense-Delivery Truck
11680
Delivery truck
11680
Depreciation as per double declining method = 2*(cost – residual value)/ life of asset
= 2*(28000 – 4640) / 4
= 11680
2015
Jan. 6
Delivery Truck
49400
Cash
49400
April 1
Depreciation Expense-Delivery Truck
1947
Delivery truck
1947
Depreciation as per double declining method next year = 2*(WDV – residual value)/ life of asset

* ( period used/12 month)
= 2*[(28000 – 11680 )- 4640 / 3 * 3/ 12
= 1947
April 1
Cash
15180
Delivery truck
14373
Profit on sale of truck
807
Nov 2
Truck Repair Expense
470
Cash
470
Dec 31
Depreciation Expense-Delivery Truck
15972
Delivery truck
15972
Depreciation as per double declining method = 2*(cost – residual value)/ life of asset
= 2*(49400-9470) / 5
= 15972
2016
July. 1
Delivery Truck
55400
Cash
55400
Oct 2
Depreciation Expense-Delivery Truck
8984
Delivery truck
8984
Depreciation as per double declining method next year = 2*(WDV – residual value)/ life of asset
* ( period used/12 month)

= 2*[(49400- 15972 )-9470 / 4 * 9/ 12
= 8984
Oct 2
Cash
17498
Loss on sale of truck
6946
Delivery truck
24444
Dec 31
Depreciation Expense-Delivery Truck
10611
Delivery truck
10611
Depreciation as per double declining method = 2*(cost – residual value)/ life of asset
= 2*(55400-12955) / 8
= 10611
Date
Description
Debit
Credit
2014
Jan. 4
Delivery Truck
28000
Cash
28000
Nov 2
Truck Repair Expense
635
Cash
635
Dec 31
Depreciation Expense-Delivery Truck
11680
Delivery truck

11680
Depreciation as per double declining method = 2*(cost – residual value)/ life of asset
= 2*(28000 – 4640) / 4
= 11680
2015
Jan. 6
Delivery Truck
49400
Cash
49400
April 1
Depreciation Expense-Delivery Truck
1947
Delivery truck
1947
Depreciation as per double declining method next year = 2*(WDV – residual value)/ life of asset
* ( period used/12 month)
= 2*[(28000 – 11680 )- 4640 / 3 * 3/ 12
= 1947
April 1
Cash
15180
Delivery truck
14373
Profit on sale of truck
807
Nov 2
Truck Repair Expense
470
Cash
470
Dec 31
Depreciation Expense-Delivery Truck
15972
Delivery truck
15972

Depreciation as per double declining method = 2*(cost – residual value)/ life of asset
= 2*(49400-9470) / 5
= 15972
2016
July. 1
Delivery Truck
55400
Cash
55400
Oct 2
Depreciation Expense-Delivery Truck
8984
Delivery truck
8984
Depreciation as per double declining method next year = 2*(WDV – residual value)/ life of asset
* ( period used/12 month)
= 2*[(49400- 15972 )-9470 / 4 * 9/ 12
= 8984
Oct 2
Cash
17498
Loss on sale of truck
6946
Delivery truck
24444
Dec 31
Depreciation Expense-Delivery Truck
10611
Delivery truck
10611
Depreciation as per double declining method = 2*(cost – residual value)/ life of asset
= 2*(55400-12955) / 8
= 10611
Solution

= 2*[(28000 – 11680 )- 4640 / 3 * 3/ 12
= 1947
April 1
Cash
15180
Delivery truck
14373
Profit on sale of truck
807
Nov 2
Truck Repair Expense
470
Cash
470
Dec 31
Depreciation Expense-Delivery Truck
15972
Delivery truck
15972
Depreciation as per double declining method = 2*(cost – residual value)/ life of asset
= 2*(49400-9470) / 5
= 15972
2016
July. 1
Delivery Truck
55400
Cash
55400
Oct 2
Depreciation Expense-Delivery Truck
8984
Delivery truck
8984
Depreciation as per double declining method next year = 2*(WDV – residual value)/ life of asset
* ( period used/12 month)
= 2*[(49400- 15972 )-9470 / 4 * 9/ 12

= 8984
Oct 2
Cash
17498
Loss on sale of truck
6946
Delivery truck
24444
Dec 31
Depreciation Expense-Delivery Truck
10611
Delivery truck
10611
Depreciation as per double declining method = 2*(cost – residual value)/ life of asset
= 2*(55400-12955) / 8
= 10611
Date
Description
Debit
Credit
2014
Jan. 4
Delivery Truck
28000
Cash
28000
Nov 2
Truck Repair Expense
635
Cash
635
Dec 31
Depreciation Expense-Delivery Truck
11680
Delivery truck
11680

Depreciation as per double declining method = 2*(cost – residual value)/ life of asset
= 2*(28000 – 4640) / 4
= 11680
2015
Jan. 6
Delivery Truck
49400
Cash
49400
April 1
Depreciation Expense-Delivery Truck
1947
Delivery truck
1947
Depreciation as per double declining method next year = 2*(WDV – residual value)/ life of asset
* ( period used/12 month)
= 2*[(28000 – 11680 )- 4640 / 3 * 3/ 12
= 1947
April 1
Cash
15180
Delivery truck
14373
Profit on sale of truck
807
Nov 2
Truck Repair Expense
470
Cash
470
Dec 31
Depreciation Expense-Delivery Truck
15972
Delivery truck
15972
Depreciation as per double declining method = 2*(cost – residual value)/ life of asset

= 2*(49400-9470) / 5
= 15972
2016
July. 1
Delivery Truck
55400
Cash
55400
Oct 2
Depreciation Expense-Delivery Truck
8984
Delivery truck
8984
Depreciation as per double declining method next year = 2*(WDV – residual value)/ life of asset
* ( period used/12 month)
= 2*[(49400- 15972 )-9470 / 4 * 9/ 12
= 8984
Oct 2
Cash
17498
Loss on sale of truck
6946
Delivery truck
24444
Dec 31
Depreciation Expense-Delivery Truck
10611
Delivery truck
10611
Depreciation as per double declining method = 2*(cost – residual value)/ life of asset
= 2*(55400-12955) / 8
= 10611

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DateDescriptionDebitCredit2014Jan. 4Delivery Truck2800.pdf

1. Date Description Debit Credit 2014 Jan. 4 Delivery Truck 28000 Cash 28000 Nov 2 Truck Repair Expense 635 Cash 635 Dec 31 Depreciation Expense-Delivery Truck 11680 Delivery truck 11680 Depreciation as per double declining method = 2*(cost – residual value)/ life of asset = 2*(28000 – 4640) / 4 = 11680 2015 Jan. 6 Delivery Truck 49400 Cash 49400 April 1 Depreciation Expense-Delivery Truck 1947 Delivery truck 1947 Depreciation as per double declining method next year = 2*(WDV – residual value)/ life of asset

2. * ( period used/12 month) = 2*[(28000 – 11680 )- 4640 / 3 * 3/ 12 = 1947 April 1 Cash 15180 Delivery truck 14373 Profit on sale of truck 807 Nov 2 Truck Repair Expense 470 Cash 470 Dec 31 Depreciation Expense-Delivery Truck 15972 Delivery truck 15972 Depreciation as per double declining method = 2*(cost – residual value)/ life of asset = 2*(49400-9470) / 5 = 15972 2016 July. 1 Delivery Truck 55400 Cash 55400 Oct 2 Depreciation Expense-Delivery Truck 8984 Delivery truck 8984 Depreciation as per double declining method next year = 2*(WDV – residual value)/ life of asset * ( period used/12 month)

3. = 2*[(49400- 15972 )-9470 / 4 * 9/ 12 = 8984 Oct 2 Cash 17498 Loss on sale of truck 6946 Delivery truck 24444 Dec 31 Depreciation Expense-Delivery Truck 10611 Delivery truck 10611 Depreciation as per double declining method = 2*(cost – residual value)/ life of asset = 2*(55400-12955) / 8 = 10611 Date Description Debit Credit 2014 Jan. 4 Delivery Truck 28000 Cash 28000 Nov 2 Truck Repair Expense 635 Cash 635 Dec 31 Depreciation Expense-Delivery Truck 11680 Delivery truck

4. 11680 Depreciation as per double declining method = 2*(cost – residual value)/ life of asset = 2*(28000 – 4640) / 4 = 11680 2015 Jan. 6 Delivery Truck 49400 Cash 49400 April 1 Depreciation Expense-Delivery Truck 1947 Delivery truck 1947 Depreciation as per double declining method next year = 2*(WDV – residual value)/ life of asset * ( period used/12 month) = 2*[(28000 – 11680 )- 4640 / 3 * 3/ 12 = 1947 April 1 Cash 15180 Delivery truck 14373 Profit on sale of truck 807 Nov 2 Truck Repair Expense 470 Cash 470 Dec 31 Depreciation Expense-Delivery Truck 15972 Delivery truck 15972

5. Depreciation as per double declining method = 2*(cost – residual value)/ life of asset = 2*(49400-9470) / 5 = 15972 2016 July. 1 Delivery Truck 55400 Cash 55400 Oct 2 Depreciation Expense-Delivery Truck 8984 Delivery truck 8984 Depreciation as per double declining method next year = 2*(WDV – residual value)/ life of asset * ( period used/12 month) = 2*[(49400- 15972 )-9470 / 4 * 9/ 12 = 8984 Oct 2 Cash 17498 Loss on sale of truck 6946 Delivery truck 24444 Dec 31 Depreciation Expense-Delivery Truck 10611 Delivery truck 10611 Depreciation as per double declining method = 2*(cost – residual value)/ life of asset = 2*(55400-12955) / 8 = 10611 Solution

6. Date Description Debit Credit 2014 Jan. 4 Delivery Truck 28000 Cash 28000 Nov 2 Truck Repair Expense 635 Cash 635 Dec 31 Depreciation Expense-Delivery Truck 11680 Delivery truck 11680 Depreciation as per double declining method = 2*(cost – residual value)/ life of asset = 2*(28000 – 4640) / 4 = 11680 2015 Jan. 6 Delivery Truck 49400 Cash 49400 April 1 Depreciation Expense-Delivery Truck 1947 Delivery truck 1947 Depreciation as per double declining method next year = 2*(WDV – residual value)/ life of asset * ( period used/12 month)

7. = 2*[(28000 – 11680 )- 4640 / 3 * 3/ 12 = 1947 April 1 Cash 15180 Delivery truck 14373 Profit on sale of truck 807 Nov 2 Truck Repair Expense 470 Cash 470 Dec 31 Depreciation Expense-Delivery Truck 15972 Delivery truck 15972 Depreciation as per double declining method = 2*(cost – residual value)/ life of asset = 2*(49400-9470) / 5 = 15972 2016 July. 1 Delivery Truck 55400 Cash 55400 Oct 2 Depreciation Expense-Delivery Truck 8984 Delivery truck 8984 Depreciation as per double declining method next year = 2*(WDV – residual value)/ life of asset * ( period used/12 month) = 2*[(49400- 15972 )-9470 / 4 * 9/ 12

8. = 8984 Oct 2 Cash 17498 Loss on sale of truck 6946 Delivery truck 24444 Dec 31 Depreciation Expense-Delivery Truck 10611 Delivery truck 10611 Depreciation as per double declining method = 2*(cost – residual value)/ life of asset = 2*(55400-12955) / 8 = 10611 Date Description Debit Credit 2014 Jan. 4 Delivery Truck 28000 Cash 28000 Nov 2 Truck Repair Expense 635 Cash 635 Dec 31 Depreciation Expense-Delivery Truck 11680 Delivery truck 11680

9. Depreciation as per double declining method = 2*(cost – residual value)/ life of asset = 2*(28000 – 4640) / 4 = 11680 2015 Jan. 6 Delivery Truck 49400 Cash 49400 April 1 Depreciation Expense-Delivery Truck 1947 Delivery truck 1947 Depreciation as per double declining method next year = 2*(WDV – residual value)/ life of asset * ( period used/12 month) = 2*[(28000 – 11680 )- 4640 / 3 * 3/ 12 = 1947 April 1 Cash 15180 Delivery truck 14373 Profit on sale of truck 807 Nov 2 Truck Repair Expense 470 Cash 470 Dec 31 Depreciation Expense-Delivery Truck 15972 Delivery truck 15972 Depreciation as per double declining method = 2*(cost – residual value)/ life of asset

10. = 2*(49400-9470) / 5 = 15972 2016 July. 1 Delivery Truck 55400 Cash 55400 Oct 2 Depreciation Expense-Delivery Truck 8984 Delivery truck 8984 Depreciation as per double declining method next year = 2*(WDV – residual value)/ life of asset * ( period used/12 month) = 2*[(49400- 15972 )-9470 / 4 * 9/ 12 = 8984 Oct 2 Cash 17498 Loss on sale of truck 6946 Delivery truck 24444 Dec 31 Depreciation Expense-Delivery Truck 10611 Delivery truck 10611 Depreciation as per double declining method = 2*(cost – residual value)/ life of asset = 2*(55400-12955) / 8 = 10611

DateDescriptionDebitCredit2014Jan. 4Delivery Truck2800.pdf

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DateDescriptionDebitCredit2014Jan. 4Delivery Truck2800.pdf