Problem 3 : P9-32A Assiqnnment Background tle Jöhnson Associates surveys America

Question

Problem 3 : P9-32A Assiqnnment Background tle Jöhnson Associates surveys Americaneatng habits. The company's 1 sing the General Journal tab, click Add Transaction to accounts include Land, Buildings, Office Equipment, with a separate depreciable asset. Elie Johnson Associates completed the a in the Transactions section below during 2018 Accumulated Depreciation account for each journalize the entry, then repeat these steps for each transaction. 2) Click the Reports tab and review the results of recording these transactions on the General Ledger 3) Click Submit Work when complete. activities listed Transactions: 01/01/2018 Purchased office equipment, $113,000. Paid $80,000 cash and financed the remainder with a note payable. 04/01/2018 Acquired land and communication equipement in a lump-sum purchase. Total cost wars $310,000, paid in cash. An independent 09/01/2018 Sold a building that cost $520,000 (accumulated d appraisal valued the land at $244,125 and the communication equipment at $81.375 on is computed on a straight-line basis. The bualding has SAVE WORK RESETRESULTS SUBMIT WORK BUSINESS January 1, 2018- December 31, 2018 REPORTS GENERAL JOURNAL Debit 09/01/2018 e web and 40 144 2 0

Explanation / Answer

Working:

Date Account Title Debit Credit 1/1/2018 Office equipment 113000 Cash 80000 Note Payable 33000 (Purchase of office equipment) 4/1/2018 Land 232500 Communication Equipment 77500 Cash 310000 (Purchase of land and equipment for cash) 9/1/2018 Depraciation Expense - building 9750 Accumulated Depreciation - Building 9750 (Depreciation expense on the building sold) 9/1/2018 Accumulated Depreciation - Building 294750 Cash 420000 Building 520000 Gain on sale of building 194750 (Sale of building costing $520,000 recorded) 12/31/2018 Depreciation Expense -- Comm.Equipment 11625 Accumulated Depreciation- Comm.Equipment 11625 (Depreciation expense for comm. Equipment recorded) 12/31/2018 Depreciation expense - office equipment 45200 Accumulated Depreciation - Ofice Equipment 45200 (Depreciation expense for office equipment)

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