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  1. #1
    Registered User Spartan32's Avatar
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    Accounting problem

    Traded the old company truck for a new truck issuing check number 40106 to complete the transaction. The old used truck cost $3,800 and on September 30, the end of the quarter, had depreciated $2,200. Straight-line depreciation on the old truck is $40 per month.

    The new truck listed (invoice R2567) for $20,950 (taxes and destination charges included), and Auburn Auto Sales allowed a $3,000 trade-in allowance on the purchase of the new vechicle.



    Says it requires 2 different entries. Big accounting project due in 7 hours.. reps for help
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  2. #2
    Registered User strongman1's Avatar
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    did the used truck get traded in for 3000 or was that the max given out for used cars?
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  3. #3
    Registered User Spartan32's Avatar
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    thats exactly how the problem is in the book, so I would say it gets traded in for 3,000
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  4. #4
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    Can you add goodwill to trucks or no?
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  5. #5
    ♦ ɴɣϲ ϲrew ♦ Fanatik's Avatar
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    the old truck depreciated by 2,200 or from 3,800 to 2,200?
    When you think youíre done youíre only 40% into what your body is capable of doing and thatís just the limits that we put on ourselves. - David Goggins

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  6. #6
    Registered User Spartan32's Avatar
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    Originally Posted by Fanatik View Post
    the old truck depreciated by 2,200 or from 3,800 to 2,200?
    depreciated by 2,200
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  7. #7
    fish/60/30 DontTreadOnMe's Avatar
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    goddamn it makes me not happy i have to take accounting again next semester
    Odin! guide our ships!
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  8. #8
    Registered User strongman1's Avatar
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    first entry for me would be

    Cash +3000
    Trucks (or Equipment) -2600 cuz thats how much its actually worth after depreciating
    Gain (in other revenue in income statement) + 400


    second entry

    Trucks + listed amount of truck
    Accounts Payable + listed amount of truck

    thats what im thinking...
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  9. #9
    Registered User strongman1's Avatar
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    Originally Posted by KingCanuck View Post
    Can you add goodwill to trucks or no?
    no u cant
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  10. #10
    ♦ ɴɣϲ ϲrew ♦ Fanatik's Avatar
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    Originally Posted by strongman1 View Post
    first entry for me would be

    Cash +3000
    Trucks (or Equipment) -2600 cuz thats how much its actually worth after depreciating
    Gain (in other revenue in income statement) + 400


    second entry

    Trucks + listed amount of truck
    Accounts Payable + listed amount of truck

    thats what im thinking...
    it should be 1600 after depreciation
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  11. #11
    Registered User strongman1's Avatar
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    Originally Posted by Fanatik View Post
    it should be 1600 after depreciation
    yeah my bad
    just increase gain then
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  12. #12
    Registered User Spartan32's Avatar
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    Originally Posted by Fanatik View Post
    it should be 1600 after depreciation

    Im looking in the "Check it out" list where it gives you some of the balances after the period.

    Accumulated depreciation - Trucks is debited 2200 somewhere
    Depreciation Expense - Trucks is also changed by 120 dollars
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  13. #13
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    Where the f*ck were all you accountants when I needed you last night?!?!
    "Modern man is conditioned to expect instant gratification but any success or triumph realized quickly, with only marginal effort is necessarily shallow. Meaningful achievement takes time, hard work, persistence, patience, proper intent and constant self-awareness. The path to such success is punctuated by failure, consolidation and renewed effort. Personal reconstruction is art." - MFT
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  14. #14
    Registered User strongman1's Avatar
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    Originally Posted by Sluuug View Post
    Where the f*ck were all you accountants when I needed you last night?!?!
    studying for stats exam
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  15. #15
    ♦ ɴɣϲ ϲrew ♦ Fanatik's Avatar
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    Debit Cash- 3000
    Credit Equipment- 1600
    Credit Other revenue/ or gain for I/S - 1400

    Equipment - 17,950
    Cash- 17,950


    I think like this, not sure


    What level Acc is that?
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  16. #16
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    Originally Posted by Fanatik View Post
    Debit Cash- 3000
    Credit Equipment- 1600
    Credit Other revenue/ or gain for I/S - 1400

    Equipment - 17,950
    Cash- 17,950


    I think like this, not sure


    What level Acc is that?

    Accounting 2... its the Gold Run Snowmobile Computerized Business Simulation

    Pray you never have it assigned
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  17. #17
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    2 entries

    Write off depreciation

    Account for the transaction
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  18. #18
    ♦ ɴɣϲ ϲrew ♦ Fanatik's Avatar
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    Originally Posted by Spartan32 View Post
    Im looking in the "Check it out" list where it gives you some of the balances after the period.

    Accumulated depreciation - Trucks is debited 2200 somewhere
    Depreciation Expense - Trucks is also changed by 120 dollars
    Oh i thought that 2,200 included quarterly depreciation.
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  19. #19
    ♦ ɴɣϲ ϲrew ♦ Fanatik's Avatar
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    Originally Posted by Spartan32 View Post
    Accounting 2... its the Gold Run Snowmobile Computerized Business Simulation

    Pray you never have it assigned
    I'm taking Intermediate Acc
    never had to do tricky **** for acc 2
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  20. #20
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    I'd do the entries for you but I am too tired and too burnt out from accounting as it is.

    just wait til you get into commercial substance and that horse****
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  21. #21
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    Originally Posted by NeloAngelo View Post
    I'd do the entries for you but I am too tired and too burnt out from accounting as it is.

    just wait til you get into commercial substance and that horse****
    well are any of the other ones above close? i cant not figure this out for the life of me
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  22. #22
    ♦ ɴɣϲ ϲrew ♦ Fanatik's Avatar
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    Originally Posted by NeloAngelo View Post
    I'd do the entries for you but I am too tired and too burnt out from accounting as it is.

    just wait til you get into commercial substance and that horse****
    do the entry's im curious if i did it right
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    Originally Posted by Spartan32 View Post
    Traded the old company truck for a new truck issuing check number 40106 to complete the transaction. The old used truck cost $3,800 and on September 30, the end of the quarter, had depreciated $2,200. Straight-line depreciation on the old truck is $40 per month.

    The new truck listed (invoice R2567) for $20,950 (taxes and destination charges included), and Auburn Auto Sales allowed a $3,000 trade-in allowance on the purchase of the new vechicle.



    Says it requires 2 different entries. Big accounting project due in 7 hours.. reps for help
    I am very tired

    Here is what I am thinking:

    Depreciation expense: 2200
    ***ACC Dep 2200

    Trucks: 20950
    ACC DEP 2200
    ***Trucks 3800
    ***Cash 17950
    ***Gain on 1400

    ****THIS is probably wrong. I am too tired to even think straight as I have been studying 12 hours for 5 finals. Validate with someone else
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    Exclamation

    Originally Posted by Spartan32 View Post
    Traded the old company truck for a new truck issuing check number 40106 to complete the transaction. The old used truck cost $3,800 and on September 30, the end of the quarter, had depreciated $2,200. Straight-line depreciation on the old truck is $40 per month.

    The new truck listed (invoice R2567) for $20,950 (taxes and destination charges included), and Auburn Auto Sales allowed a $3,000 trade-in allowance on the purchase of the new vechicle.



    Says it requires 2 different entries. Big accounting project due in 7 hours.. reps for help

    What is the date of this transaction?

    I would assume the first entry is to get depreciation up to date.

    On the second entry (purchasing the truck), you cannot record a gain. You are PAYING cash and exchanging an asset for a similar asset. No gain recorded. You would have to either be getting a different asset or RECEIVING cash to record a gain.

    You have to record the new truck on the books at the BV of the truck you are trading in plus the cash that you pay for the new truck.
    Reps to:
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    Originally Posted by NeloAngelo View Post
    I am very tired

    Here is what I am thinking:

    Depreciation expense: 2200
    ***ACC Dep 2200

    Trucks: 20950
    ACC DEP 2200
    ***Trucks 3800
    ***Cash 17950
    ***Gain on 1400

    ****THIS is probably wrong. I am too tired to even think straight as I have been studying 12 hours for 5 finals. Validate with someone else
    I think this is right.

    You do gain a 1400 credit on the truck because you gave them a 1600 vehicle and they gave you back a 3000 trade in. Net of 1400 so you gain money thereforehave to account for it.

    You recieve a new truck so that expense is debited, you accumulate the depriciation therefore that is debited. You credit the total amount for the truck you once paid for, the gain was already explained.
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    Great, now thread dies lol
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    Originally Posted by savage_animal View Post
    What is the date of this transaction?

    I would assume the first entry is to get depreciation up to date.

    On the second entry (purchasing the truck), you cannot record a gain. You are PAYING cash and exchanging an asset for a similar asset. No gain recorded. You would have to either be getting a different asset or RECEIVING cash to record a gain.

    You have to record the new truck on the books at the BV of the truck you are trading in plus the cash that you pay for the new truck.
    I don't understand your logic here. Are you talking about deferring the gain? I don't think like assets has anything to do with recognizing gains.
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    Originally Posted by Spartan32 View Post
    Traded the old company truck for a new truck issuing check number 40106 to complete the transaction. The old used truck cost $3,800 and on September 30, the end of the quarter, had depreciated $2,200. Straight-line depreciation on the old truck is $40 per month.

    The new truck listed (invoice R2567) for $20,950 (taxes and destination charges included), and Auburn Auto Sales allowed a $3,000 trade-in allowance on the purchase of the new vechicle.



    Says it requires 2 different entries. Big accounting project due in 7 hours.. reps for help
    I'm just going to assume the transaction takes place on December 1.

    Step 1: update depreciation
    Dep expense.....$80 ($40/mo for Oct and Nov)
    .....A/D.......................$80

    Step 2: record transaction
    New truck......19,470 (plug)
    A/D...............2,280
    .....Old truck................3,800
    .....Cash.....................17,950 (20,950 - 3,000 trade-in allowance)
    Reps to:
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    Originally Posted by savage_animal View Post
    What is the date of this transaction?

    I would assume the first entry is to get depreciation up to date.

    On the second entry (purchasing the truck), you cannot record a gain. You are PAYING cash and exchanging an asset for a similar asset. No gain recorded. You would have to either be getting a different asset or RECEIVING cash to record a gain.

    You have to record the new truck on the books at the BV of the truck you are trading in plus the cash that you pay for the new truck.

    Date of transaction is December 22.

    Replys took long cause Im trying to work out other problems.. this thing is ridiculous
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    It doesn't help that we aren't given the full info.
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