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Consider each of the transactions below independently. All of the expenditures were made in cash. During 2 0 2 0 , PC Software Inc. paid
Consider each of the transactions below independently. All of the expenditures were made in cash.
During PC Software Inc. paid $ for five acres of land with a building that will be used as a warehouse. According to appraisals, the land had a fair value of $ and the building had a fair value of $
The Edison Company spent $ during the year for experimental purposes in connection with the development of a new product.
The Johnson Company traded its old machine with an original cost of $ and a book value of $ plus cash of $ for a new one that had a fair value of $
Required: Prepare all necessary journal entries to record each of the above transactions.
Note: You may create a table as follows to organize your journal entries.
tableDateAccount titles,Debit,CreditCash,Sales Revenue,,
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