Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 307 Weeks Ago, 4 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 22 Jul 2017 My Price 8.00

Xpress Delivery Service

Xpress Delivery Service completed the following transactions and events involving the purchase and operation of equipment for its business.

2010

Jan. 1 Paid $24,950 cash plus $1,950 in sales tax for a new delivery van that was estimated to have a five-year life and a $3,400 salvage value. Van costs are recorded in the Equipment account.

Jan. 3 Paid $1,550 to install sorting racks in the van for more accurate and quicker delivery of packages.

This increases the estimated salvage value of the van by another $200.

Dec. 31 Recorded annual straight-line depreciation on the van.

2011

Jan. 1 Paid $1,970 to overhaul the van’s engine, which increased the van’s estimated useful life by two years.

May 10 Paid $600 to repair the van after the driver backed it into a loading dock.

Dec. 31 Record annual straight-line depreciation on the van. (Round to the nearest dollar.)

Required

Prepare journal entries to record these transactions and events.

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 11:07 PM My Price 8.00

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