Problem 1 Use the provided partial chart of accounts to prepare the general jour

Question

Problem 1 Use the provided partial chart of accounts to prepare the general journal entries in the space provided below for the following transactions. Chart of Accounts . Cash Accounts Receivable .Allowance for Doubtful Accounts Notes Receivable Interest Receivable .Office Equipment .Truck Accumulated Depreciation Accounts Payable Interest Payable . Common Stock Retained Earnings . Sales Interest Revenue Bad Debt Expense .Depreciation Expense Insurance Expense Interest Expense . Gain on Sale of Asset Loss on Sale of Asset Part A Larry's Moving Company sold a delivery truck for $8,000 cash on January 1st. The truck had an original cost of $25,000 and accumulated depreciation on the date of sale of $15,000, What journal entry should Larry's Moving Company record for the sale of the delivery trucki? Part B DWC, LLC had $375,760 of accounts receivable and $782,160 in sales during the year. The December 31st balance, before any adjustments, for the Allowance for Doubtful Accounts is $1,400 (debit balance). Prepare the adjusting journal entry needed on December 31st if Dwc, LLC estimates bad debts to be 2% of accounts receivable. (Round all calculations to the nearest whole dollar and show your calculations.)

Explanation / Answer

Part A

Part B

Cash $    8,000 Accumulated depreciation $ 15,000 Loss on sale of assets ($25,000-$8,000-$15,000) $    2,000 Truck $ 25,000 (To record sale of truck)

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