1 answer

Cushenberry Corporation had the following transactions. 1. Sold land (cost $7,760) for $9,700. 2. Issued common...

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.


Answers

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

.

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