Exercise 13-3 Cushenberry Corporation had the following transactions. 1. Sold la

Question

Exercise 13-3 Cushenberry Corporation had the following transactions. 1. Sold land (cost $8,000) for $10,000 2. Issued common stock at par for $21,700. 3. Recorded depreciation on buildings for $15,800. 4. Paid salaries of $7,400. 5. Issued 1,000 shares of $1 par value common stock for equipment worth $8,700 6. Sold equipment (cost $13,600, accumulated depreciation $9,520) for $1,632. 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 1. Cash Debit Credit Land 2. Cash Common Stock .Depreciation Expense Accumulated Depreciation

Explanation / Answer

Jounal s.no. General journal debit($) credit($) 1 Cash…dr 10000 To Land 8000 TO Gain on sale 2000 2 Cash…dr 21700 To common stock 21700 3 Depreciation 15800 To Accumulated Depreciation-Building 15800 4 Salaery and Wages 7400 To Cash 7400 5 Eqipment..dr 8700 To common stock($1 par) 1000 To common stock-paid in excess of par 7700 6 Cash…dr 1632 Accumulated depreciation- equipment 9520 loss on sale of equipment 2448 To equipment 13600

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