Blossom Corporation had the following transactions. 1. Sold land (cost $11,800) for $14,800. 2. Issued common stock at par for $20,000. 3. Recorded depreciation
Blossom Corporation had the following transactions. 1. Sold land (cost $11,800) for $14,800. 2. Issued common stock at par for $20,000. 3. Recorded depreciation on buildings for $16,800. 4. Paid salaries of $8,800. 5. Issued 1,300 shares of $1 par value common stock for equipment worth $10,400. 6. Sold equipment (cost $10,200, accumulated depreciation $7.140) for $1,224. (a) For each transaction above, prepare the journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) ransaction Account Titles and Explanation 2. 3. 5. Debit Credit 5. 6.
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Journal entries are as follows a Sale of Land Debit Cash Ac 14800 Credit Land Ac 11800 Credit Gain o...See step-by-step solutions with expert insights and AI powered tools for academic success
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