Question

Cushenberry Corporation had the following transactions.

1.		Sold land (cost $7,760) for $9,700.
2.		Issued common stock at par for $22,100.
3.		Recorded depreciation on buildings for $12,500.
4.		Paid salaries of $6,600.
5.		Issued 1,500 shares of $1 par value common stock for equipment worth $8,200.
6.		Sold equipment (cost $12,900, accumulated depreciation $9,030) for $1,548.

(a) For each transaction above, prepare the journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Account Titles and Explanation	Debit	Credit
1.
2.
3.
4.
5.
6.

Answer 1

Answer -

No.	Account Titles and Explanation	Debit ($)	Credit ($)
1.	Cash Land Gain on Sale [Difference]	9700 - -	- 7760 1940
2.	Cash Common Stock	22100 -	- 22100
3.	Depreciation Expense Accumulated Depreciation	12500 -	- 12500
4.	Salaries Expense Cash	6600 -	- 6600
5.	Equipment Additional Paid-In Capital, Common Stock [Difference] Common Stock [1500 shares * $1]	8200 - -	- 6700 1500
6.	Cash Accumulated Depreciation Loss on Disposal [Difference] Equipment	1548 9030 2322 -	- - - 12900