June 21 Traded the old company truck for a new truck issuing check number 31227...
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Accounting
June 21
Traded the old company truck for a new truck issuing check number 31227 to complete the transaction. The old used truck cost $4,800 and on March 31, the end of the quarter, had depreciated $3,180. Straight-line depreciation on the old truck is $80 per month (DEPRE). The new truck listed for $18,950 (invoice W3571) and Wumbaugh Auto Sales allowed a $2,825 trade-in allowance on the purchase of the new vehicle. This trade has no commercial and no gain or loss will be recognized on this transaction. An additional check (number 31228) for $510 was issued to the DMV (invoice DMV06) for the vehicle license fees. Three entries are required for this trade.
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