Homework Answers
Answer:
The necessary journal entry to record the exchange is,
| Account Title | Explanation | Debit($) | Credit($) |
| Bustytown corporation: | |||
| Machine | 340+85=425 | 425 | 290 |
| Accumulated Depreciation | 140 | ||
| Loss on disposal machine | 290-140-85=65 | 65 | |
| Cash | 340 | ||
| Total | 630 | 630 | |
| Dicky tracy corporation: | |||
| Cash | 340 | ||
| Inventory | 85 | 270 | |
| Cost of goods sold | 270 | ||
| Sales | 340+85=425 | 425 | |
| Total | 695 | 695 |
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610.17 (LO 3) (Nonmonetary Exchange) Busytown Corporation, which manufactures shoes, hired a recent college graduate to...
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Question 13 Wildhorse Corporation, which manufactures shoes, hired a recent college graduate to work in its...
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Skysong Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department....
Skysong Corporation, which manufactures shoes, hired a recent
college graduate to work in its accounting department. On the first
day of work, the accountant was assigned to total a batch of
invoices with the use of an adding machine. Before long, the
accountant, who had never before seen such a machine, managed to
break the machine. Skysong Corporation gave the machine plus $360
to Concord Business Machine Company (dealer) in exchange for a new
machine. Assume the following information about...
Exercise 10-17 Martinez Corporation, which manufactures shoes, hired a recent college graduate to work in its...
Exercise 10-17 Martinez Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department, On the first day of work, the accountant was assigned to total a batch of invoices with the use of an adding machine, Before long, the accountant, who had never before seen such a machine, managed to break the machine. Martinez Corporation gave the machine plus $360 to Sandhill Business Machine Company (dealer) in exchange for a new machine. Assume the following...
thanks (b) Prepare the mercial substance 0-90 (L04) Non at a price of $8,000 de equipervent...
thanks
(b) Prepare the mercial substance 0-90 (L04) Non at a price of $8,000 de equipervent had or uttractions in nt of $1,100 itructions (a) Prepare the (b) Assuming pare the 0-21 (LOS) GR nt facility for 15 wrking order. Th During the cur (a) Becas al a batch of invoices with а со (b) The (c) The (d) TI STO-T (L04) (Nonmonetary Exchange) Busytown Corporation, which manufactures shoes, ha c ierge to work in its accounting department. On the...
For each company, prepare the necessary journal entry to record the exchange. (The exchange has commercial substance.) (...
For each company, prepare the necessary journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Bramble Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On the first day of work, the accountant was assigned to total a batch of...
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1 4. Beginning inventory and purchases and sales data for Commodity "X" for the month of July are as follow Inventory 25 units Br 50 Sales July 7 15 units rss 18 10 G Br 58 27 12 units Br 62 Purchases 20 units 51 20 15 units 52 1) Compute the cost of ending inventory and cost of goods sold using FIFO and AVC under a) Periodic inventory system b) Perpetual inventory system 2) Pass the necessary journal entry...
5. Sun Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On the first day of work, the accountant was assigned to total a batch of invoices with the use of an aduling machine. Before long, the accountant, who had never before seen such a machine, managed to break the machine. Sun Corporation gave the machine plus Br 320 to Moon Company (dealer) in exchange for a new machine. Assume the following information about...
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Crane Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On the first day of work, the accountant was assigned to total a batch of invoices with the use of an adding machine. Before long, the accountant, who had never before seen such a machine, managed to break the machine. Crane Corporation gave the machine plus $354 to Cheyenne Business Machine Company (dealer) in exchange for a new machine. Assume the following information about...
Skysong Corporation, which manufactures shoes, hired a recent
college graduate to work in its accounting department. On the first
day of work, the accountant was assigned to total a batch of
invoices with the use of an adding machine. Before long, the
accountant, who had never before seen such a machine, managed to
break the machine. Skysong Corporation gave the machine plus $360
to Concord Business Machine Company (dealer) in exchange for a new
machine. Assume the following information about...
Exercise 10-17 Martinez Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department, On the first day of work, the accountant was assigned to total a batch of invoices with the use of an adding machine, Before long, the accountant, who had never before seen such a machine, managed to break the machine. Martinez Corporation gave the machine plus $360 to Sandhill Business Machine Company (dealer) in exchange for a new machine. Assume the following...
thanks
(b) Prepare the mercial substance 0-90 (L04) Non at a price of $8,000 de equipervent had or uttractions in nt of $1,100 itructions (a) Prepare the (b) Assuming pare the 0-21 (LOS) GR nt facility for 15 wrking order. Th During the cur (a) Becas al a batch of invoices with а со (b) The (c) The (d) TI STO-T (L04) (Nonmonetary Exchange) Busytown Corporation, which manufactures shoes, ha c ierge to work in its accounting department. On the...
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