14. Commonwealth Delivery is the worls leading express-distrbution company. In a

Question

14. Commonwealth Delivery is the worls leading express-distrbution company. In adotion to the woro's largest ricet ot all cargo aircrart, the company has more than 668 aircratt and 64 000 vehiclos and trailers that pick up and deliver packages Assume that Commowesth Delivery sod a delvery truck that had been used in the husiness tor three years The records ot the company retiecsed the tellowing te Delivery trurk eas Accurnualed depecialion the telnnoan 6a S 5R,0n0 41,300 rs that p Required: 1. Preparc the joumal entry tor the dsposa of the truck, assuming that the truck sold for (If no entry is required for a transaction/event, entry tor a. $14,700 cash b. $15,900 cssh ?.$11,500 cash e truck entry is a transact select "No journal entry required" in the first account field.) account

Explanation / Answer

JOURNAL ENTRIES TRANSACTION GENERAL JOURNAL DEBIT $ CREDIT $ Casse-a Accumulated Depreciation Dr. 41300 Cash Account Dr. 14700        Delivery Truck Equipment 56000 Case-b: Accumulated Depreciation Dr. 41300 Cash Account Dr. 15900        Delivery Truck Equipment 56000        Gain on disposal of assets 1200 Case-c: Accumulated Depreciation Dr. 41300 Cash Account Dr. 14500 Loss on Disposal of Assets Dr. 200        Delivery Truck Equipment 56000

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