This topic contains a solution. Click here to go to the answer

Author Question: On January 1, 2011, Vango,Inc bought a delivery van that cost 25,000, expecting to use the van for ... (Read 112 times)

JGIBBSON

  • Hero Member
  • *****
  • Posts: 538
On January 1, 2011, Vango,Inc bought a delivery van that cost 25,000, expecting to use the van for five years with no residual value.
 
  Prepare the adjusting journal entry at December 31, 2011 to record one year's use of the van, using straight-line depreciation.
 
  Date Transaction Debit Credit

Question 2

If merchandise costing 3,500, terms FOB destination, 2/10, n/30, with prepaid freight costs of 125, is paid within 10 days, the amount of the purchases discount is 70.
 a. True
  b. False
 
   Indicate whether the statement is true or false



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

rekilledagain

  • Sr. Member
  • ****
  • Posts: 337
Answer to Question 1

Date Transaction Debit Credit
12/31/11 Depreciation expense 5,000
Accumulated depreciation 5,000
To record depreciation

Answer to Question 2

True





 

Did you know?

Fungal nail infections account for up to 30% of all skin infections. They affect 5% of the general population—mostly people over the age of 70.

Did you know?

Acetaminophen (Tylenol) in overdose can seriously damage the liver. It should never be taken by people who use alcohol heavily; it can result in severe liver damage and even a condition requiring a liver transplant.

Did you know?

Asthma-like symptoms were first recorded about 3,500 years ago in Egypt. The first manuscript specifically written about asthma was in the year 1190, describing a condition characterized by sudden breathlessness. The treatments listed in this manuscript include chicken soup, herbs, and sexual abstinence.

Did you know?

The most common treatment options for addiction include psychotherapy, support groups, and individual counseling.

Did you know?

Limit intake of red meat and dairy products made with whole milk. Choose skim milk, low-fat or fat-free dairy products. Limit fried food. Use healthy oils when cooking.

For a complete list of videos, visit our video library