Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 21 Mar 2018 My Price 6.00

Jane Geddes Engineering Corporation

(Entries for Equipment Acquisitions) Jane Geddes Engineering Corporation purchased conveyor

equipment with a list price of $10,000. Presented below are three independent cases related to the equip- ment. (Round to the nearest dollar.)

(a) Geddes paid cash for the equipment 8 days after the purchase. The vendor ’s credit terms are 2/10, n/30. Assume that equipment purchases are initially recorded gross.

(b) Geddes traded in equipment with a book value of $2,000 (initial cost $8,000), and paid $9,500 in cash one month after the purchase. The old equipment could have been sold for $400 at the date of trade. (The exchange has commercial substance.)

(c) Geddes gave the vendor a $10,800 zero-interest-bearing note for the equipment on the date of pur- chase. The note was due in one year and was paid on time. Assume that the effective-interest rate in the market was 9%.

Instructions

Prepare the general journal entries required to record the acquisition and payment in each of the independent cases above.

Answers

Maurice Tutor
(5)
Status NEW Posted 21 Mar 2018 03:03 AM My Price 6.00

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