ushenberry Corporation had the following transactions 1. Sold land (cost $7,440)

Question

ushenberry Corporation had the following transactions 1. Sold land (cost $7,440) for $9,300. 2. Issued common stock at par for $23,900. 3. Recorded depreciation on buildings for $14,600. 4. Paid salaries of $6,300. . Issued 1,500 shares of $1 par value common stock for equipment worth $9,200. . Sold equipment (cost $14,200, accumulated depreciation $9,940) for $1,704 a) or 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 2. ?.

Explanation / Answer

Journal entry :

No Accounts & explanation debit credit 1 Cash 9300 Gain on sale of land 1860 Land 7440 (To record Sale of land) 2 Cash 23900 Common Stock 23900 (To record issue Common Stock) 3 Depreciation expense 14600 Accumlated depreciation - Building 14600 (To record depreciation expense) 4 Salary expense 6300 Cash 6300 (To record salary paid) 5 Cash 9200 Common Stock 1500 Paid in capital in excess of par value-Common Stock 7700 (To record issue Common Stock) 6 Accumlated depreciation-equipment 9940 Cash 1704 Loss on sale of equipment 2556 Equipment 14200 (To record Sale of equipment)

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