Required Information [The following information applies to the questions displayed below] Randy's...

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Accounting

Required Information
[The following information applies to the questions displayed below]
Randy's Restaurant Company (RRC) entered into the following transactions during a recent year.
April 1 Purchased equipment (a new walk-in cooler) for $6,600 by paying $1,800 cash and signing a $4,800 note due in six months.
April 2 Enhanced the equipment (by replacing the air-conditioning system in the walk-in cooler) at a cost of $3,800, purchased on account.
April 30 Wrote a check for the amount owed on account for the work completed on April 2.
May 1 A local carpentry company repaired the restaurant's front door, for which RRC wrote a check for the full $208 cost.
June 1 Paid $11,040 cash for the rights to use the name and store concept created by a different restaurant that has been successful in the region.
1-b. Prepare the journal entries for each of the above transactions.
2. For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and amortization, if any, that Randy's Restaurant Company should report for the quarter ended June 30. Equipment is depreciated using the straight-line method with a useful life of five years and no residual value. The RRC franchise right is amortized using the straight-line method with a useful life of four years and no residual value.
3. Prepare a journal entry to record the depreciation and amortization, if any, calculated in requirement 2.
Complete this question by entering your answers in the tabs below.
Prepare the journal entries for each of the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry
Required" in the first account field.)
Record th
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\table[[,1,2,3,4,5]]
Record the franchise rights purchased for $11,040 for the use of the name and store concept that was created by a different restaurant.
Note: Enter debits before credits.
\table[[Date,General Journal,Debit,Credit],[June 01,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]
Record the purchase of a new walk-in cooler for $6,600 paying $1,800 cash and signing a note for the rest.
Record the equipment (by replacing the airconditioning system in the walk-in cooler) at a cost of $3,800, purchased on account.
Record the payment in full for the installation of the air conditioning system.
Record the payment of $200 incurred on the repairs to the restaurant's front door.
Record the franchise rights purchased for $11,040 for the use of the name and store concept that was created by a different restaurant.
--- Information must be filled in the Journal Entry Worksheet.
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