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Author Question: On January 1, 2011, Vango,Inc bought a delivery van that cost 25,000, expecting to use the van for ... (Read 41 times)

JGIBBSON

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on: Jul 5, 2018
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


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rekilledagain

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Reply #1 on: Jul 5, 2018
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


JGIBBSON

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Reply #2 on: Jul 5, 2018
Thank you :)


rekilledagain

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Reply #3 on: Jul 5, 2018
Happy to help you


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