Exercise 13-3 No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. 6.

Question

Exercise 13-3

No.

Account Titles and Explanation

Debit

Credit

1.

2.

3.

4.

5.

6.

Exercise 13-3

Cushenberry Corporation had the following transactions.
1. Sold land (cost $8,560) for $10,700. 2. Issued common stock at par for $22,100. 3. Recorded depreciation on buildings for $16,900. 4. Paid salaries of $7,700. 5. Issued 1,000 shares of $1 par value common stock for equipment worth $9,700. 6. Sold equipment (cost $14,900, accumulated depreciation $10,430) for $1,788.
(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.

Explanation / Answer

Following are the Journal Entries for the following transactions:-

All Amount are in $.

Bank A/C

Account titile Debit Credit

Bank A/C

10700 To Land (Fixed Assets) 8560 To gain on sale of land 2140 (Being Land sold at profit)

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