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Can someone help with the journal entries please? 2. Sheridan Corporation Concord Company No. Account Titles and Explanation 1. Sheridan Corporation Debit Credit 4. Sheridan
Can someone help with the journal entries please?
2. Sheridan Corporation Concord Company No. Account Titles and Explanation 1. Sheridan Corporation Debit Credit 4. Sheridan Corporation Swifty Company. (To record revenue) (To record cost of inventory) 3. Sheridan Corporation Marigold Company. Sheridan Corporation wishes to exchange a machine used in its operations. Sheridan has received the following offers from other companies in the industry. 1. Skysong Company offered to exchange a similar machine plus $26,220. (The exchange has commercial substance for both parties.) 2. Concord Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) 3. Marigold Company offered to exchange a similar machine, but wanted $3,420 in addition to Sheridan's machine. (The exchange has commercial substance for both parties.) In addition, Sheridan contacted Swifty Corporation, a dealer in machines. To obtain a new machine, Sheridan must pay $106,020 in addition to trading in its old machine. For each of the four independent situations, prepare the journal entries to record the exchange on the books of each company. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)Step by Step Solution
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