Question
Exercise 10-12 Plant acquisitions for selected companies are as follows: 1. Blossom Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co.,
Exercise 10-12
Plant acquisitions for selected companies are as follows:
1.Blossom Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $758,000. At the time of purchase, Torres's assets had the following book and appraisal values:
Book Value
Appraisal Value
Land$214,000$148,000Buildings245,000349,000Equipment365,000365,000
Blossom Industries decided to take the lower of the two values for each asset it acquired. The following entry was made:
Land
148,000
Buildings
245,000
Equipment
365,000
Cash
758,000
Blossom Industries expects the building structure to last another 20 years; however, it expects that it will have to replace the roof in the next five years. Torres Co. indicated that, on initial construction of the building, the roof amounted to 20% of the cost of the building. Because of the unique design and materials needed to replace the roof, the contractors stated that the roof structure is currently worth 14% of the value of the building purchase.2.Hari Enterprises purchased equipment by making a $1,700 cash down payment and signing a $24,100, one-year, 10% note payable. The purchase was recorded as follows:
Equipment
28,210Cash1,700Notes Payable24,100Interest Payable2,4103.Kim Company purchased equipment for $21,900, terms 3/10, n/30. Because the company intended to take the discount, it made no entry until it paid for the acquisition. The entry was:
Equipment21,900Cash21,243Purchase Discounts6574.Kaiser Inc. recently received land at zero cost from the Village of Chester as an inducement to locate its business in the village. The land's appraised value was $35,000. The company made no entry to record the land because it had no cost basis.5.Zimmerman Company built a warehouse for $607,000. It could have contracted out and purchased the building for $732,000. The controller made the following entry:
Buildings732,000Cash607,000Sales Revenue
125,000
Prepare the entry that should have been made at the date of each acquisition.(Credit account titles are automatically indented when the 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. Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 5,275.)
No.
Account Titles and Explanation
Debit
Credit
1.
Interest Payable
Buildings - Roof
Land
Notes Payable
Donation Revenue
Accounts Payable
Purchase Discounts
Accounts Receivable
Buildings
Buildings - Structure
Cash
Revenue - Government Grants
No Entry
Equipment
Gain
Buildings - Roof
Buildings
Notes Payable
Gain
No Entry
Revenue - Government Grants
Purchase Discounts
Interest Payable
Land
Equipment
Accounts Receivable
Buildings - Structure
Donation Revenue
Accounts Payable
Cash
Buildings - Structure
Equipment
Revenue - Government Grants
Gain
Accounts Receivable
Interest Payable
Land
Notes Payable
No Entry
Cash
Buildings - Roof
Purchase Discounts
Donation Revenue
Accounts Payable
Buildings
Purchase Discounts
Cash
Donation Revenue
Accounts Payable
Accounts Receivable
Buildings
Buildings - Roof
Buildings - Structure
Equipment
Revenue - Government Grants
Gain
Interest Payable
Land
No Entry
Notes Payable
Revenue - Government Grants
Interest Payable
Equipment
Land
No Entry
Accounts Payable
Accounts Receivable
Buildings
Cash
Donation Revenue
Gain
Buildings - Roof
Notes Payable
Buildings - Structure
Purchase Discounts
2.
Buildings - Roof
Equipment
Accounts Receivable
Land
Buildings
Revenue - Government Grants
Donation Revenue
Buildings - Structure
Cash
Purchase Discounts
Gain
Accounts Payable
Interest Payable
Notes Payable
No Entry
Land
Interest Payable
Cash
No Entry
Purchase Discounts
Revenue - Government Grants
Donation Revenue
Equipment
Buildings
Accounts Payable
Accounts Receivable
Buildings - Roof
Notes Payable
Buildings - Structure
Gain
Interest Payable
Cash
Revenue - Government Grants
Donation Revenue
Buildings - Roof
Land
Buildings - Structure
Equipment
Gain
Purchase Discounts
Accounts Payable
Notes Payable
Accounts Receivable
Buildings
No Entry
3.
Land
Accounts Receivable
Cash
Purchase Discounts
Interest Payable
Notes Payable
No Entry
Revenue - Government Grants
Donation Revenue
Buildings - Structure
Accounts Payable
Buildings
Buildings - Roof
Equipment
Gain
Notes Payable
Buildings
No Entry
Interest Payable
Buildings - Roof
Land
Purchase Discounts
Revenue - Government Grants
Buildings - Structure
Cash
Accounts Receivable
Equipment
Gain
Donation Revenue
Accounts Payable
4.
Accounts Payable
Cash
Buildings - Structure
Equipment
Accounts Receivable
Buildings
Buildings - Roof
Gain
No Entry
Purchase Discounts
Land
Notes Payable
Interest Payable
Revenue - Government Grants
Donation Revenue
Cash
Accounts Receivable
Donation Revenue
Accounts Payable
Buildings
Buildings - Roof
Equipment
Notes Payable
Buildings - Structure
Gain
Interest Payable
Land
No Entry
Revenue - Government Grants
Purchase Discounts
5.
Land
Accounts Payable
Accounts Receivable
Donation Revenue
Cash
Buildings - Structure
Purchase Discounts
Buildings
Revenue - Government Grants
Equipment
Gain
Buildings - Roof
Interest Payable
Notes Payable
No Entry
Revenue - Government Grants
Donation Revenue
Purchase Discounts
Accounts Payable
Gain
Interest Payable
Buildings - Structure
Accounts Receivable
Buildings
Buildings - Roof
Cash
Equipment
Land
Notes Payable
No Entry
LINK TO TEXT
Prepare the correcting entry that is required in each case to correct the accounts. In other words, do not simply reverse the incorrect entry and replace it with the entryin the part above.(Credit account titles are automatically indented when the 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. Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 5,275.)
No.
Account Titles and Explanation
Debit
Credit
1.
Donation Revenue
Land
Purchase Discounts
No Entry
Equipment
Revenue - Government Grants
Buildings - Structure
Accounts Receivable
Sales Revenue
Buildings
Accounts Payable
Buildings - Roof
Cash
Gain
Notes Payable
Interest Payable
Notes Payable
No Entry
Revenue - Government Grants
Interest Payable
Equipment
Land
Buildings
Purchase Discounts
Donation Revenue
Sales Revenue
Accounts Payable
Gain
Accounts Receivable
Buildings - Roof
Buildings - Structure
Cash
Equipment
Notes Payable
Purchase Discounts
Buildings - Structure
Buildings
Interest Payable
Accounts Receivable
Donation Revenue
Cash
Buildings - Roof
Land
Gain
No Entry
Revenue - Government Grants
Sales Revenue
Accounts Payable
Gain
No Entry
Buildings - Structure
Accounts Payable
Revenue - Government Grants
Notes Payable
Cash
Equipment
Donation Revenue
Interest Payable
Purchase Discounts
Land
Sales Revenue
Accounts Receivable
Buildings
Buildings - Roof
Buildings - Structure
Cash
Equipment
Accounts Payable
Notes Payable
Interest Payable
Sales Revenue
Purchase Discounts
Land
Revenue - Government Grants
Donation Revenue
Accounts Receivable
Buildings
Buildings - Roof
Gain
No Entry
2.
Gain
Land
Buildings - Structure
No Entry
Interest Payable
Sales Revenue
Buildings
Notes Payable
Cash
Purchase Discounts
Revenue - Government Grants
Equipment
Buildings - Roof
Donation Revenue
Accounts Payable
Accounts Receivable
Land
Donation Revenue
Notes Payable
No Entry
Purchase Discounts
Gain
Sales Revenue
Interest Payable
Accounts Receivable
Revenue - Government Grants
Accounts Payable
Buildings
Buildings - Roof
Buildings - Structure
Cash
Equipment
3.
Interest Payable
Gain
Land
Notes Payable
Revenue - Government Grants
Cash
Donation Revenue
Sales Revenue
No Entry
Buildings - Structure
Purchase Discounts
Equipment
Accounts Payable
Accounts Receivable
Buildings - Roof
Buildings
Equipment
Buildings
Land
Buildings - Roof
Donation Revenue
Revenue - Government Grants
Buildings - Structure
Cash
Gain
Interest Payable
Notes Payable
No Entry
Purchase Discounts
Sales Revenue
Accounts Receivable
Accounts Payable
Buildings
Accounts Payable
Purchase Discounts
Gain
No Entry
Accounts Receivable
Donation Revenue
Sales Revenue
Interest Payable
Revenue - Government Grants
Buildings - Roof
Equipment
Buildings - Structure
Cash
Land
Notes Payable
Interest Payable
Revenue - Government Grants
Purchase Discounts
Accounts Payable
Buildings - Roof
Land
Donation Revenue
Equipment
Sales Revenue
Accounts Receivable
Buildings
Gain
Buildings - Structure
Notes Payable
Cash
No Entry
4.
Notes Payable
Buildings - Structure
Accounts Receivable
Donation Revenue
Sales Revenue
Buildings
Purchase Discounts
No Entry
Cash
Buildings - Roof
Equipment
Gain
Interest Payable
Revenue - Government Grants
Accounts Payable
Land
No Entry
Buildings - Structure
Accounts Payable
Notes Payable
Gain
Purchase Discounts
Cash
Buildings - Roof
Revenue - Government Grants
Accounts Receivable
Equipment
Interest Payable
Land
Donation Revenue
Sales Revenue
Buildings
5.
Sales Revenue
Land
Cash
Buildings - Structure
Revenue - Government Grants
Gain
Buildings
Buildings - Roof
Equipment
Accounts Payable
Interest Payable
Purchase Discounts
Notes Payable
No Entry
Donation Revenue
Accounts Receivable
Interest Payable
No Entry
Sales Revenue
Accounts Payable
Purchase Discounts
Land
Gain
Accounts Receivable
Buildings
Revenue - Government Grants
Buildings - Roof
Buildings - Structure
Cash
Notes Payable
Equipment
Donation Revenue
LINK TO TEXT
Question Attempts: 0 of 3 usedSAVE FOR LATER
SUBMIT ANSWER
Exercise 10-12
Plant acquisitions for selected companies are as follows:
1.Blossom Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $758,000. At the time of purchase, Torres's assets had the following book and appraisal values:
Book Value
Appraisal Value
Land$214,000$148,000Buildings245,000349,000Equipment365,000365,000
Blossom Industries decided to take the lower of the two values for each asset it acquired. The following entry was made:
Land
148,000
Buildings
245,000
Equipment
365,000
Cash
758,000
Blossom Industries expects the building structure to last another 20 years; however, it expects that it will have to replace the roof in the next five years. Torres Co. indicated that, on initial construction of the building, the roof amounted to 20% of the cost of the building. Because of the unique design and materials needed to replace the roof, the contractors stated that the roof structure is currently worth 14% of the value of the building purchase.2.Hari Enterprises purchased equipment by making a $1,700 cash down payment and signing a $24,100, one-year, 10% note payable. The purchase was recorded as follows:
Equipment
28,210Cash1,700Notes Payable24,100Interest Payable2,4103.Kim Company purchased equipment for $21,900, terms 3/10, n/30. Because the company intended to take the discount, it made no entry until it paid for the acquisition. The entry was:
Equipment21,900Cash21,243Purchase Discounts6574.Kaiser Inc. recently received land at zero cost from the Village of Chester as an inducement to locate its business in the village. The land's appraised value was $35,000. The company made no entry to record the land because it had no cost basis.5.Zimmerman Company built a warehouse for $607,000. It could have contracted out and purchased the building for $732,000. The controller made the following entry:
Buildings732,000Cash607,000Sales Revenue
125,000
Prepare the entry that should have been made at the date of each acquisition.(Credit account titles are automatically indented when the 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. Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 5,275.)
No.
Account Titles and Explanation
Debit
Credit
1.
Interest Payable
Buildings - Roof
Land
Notes Payable
Donation Revenue
Accounts Payable
Purchase Discounts
Accounts Receivable
Buildings
Buildings - Structure
Cash
Revenue - Government Grants
No Entry
Equipment
Gain
Buildings - Roof
Buildings
Notes Payable
Gain
No Entry
Revenue - Government Grants
Purchase Discounts
Interest Payable
Land
Equipment
Accounts Receivable
Buildings - Structure
Donation Revenue
Accounts Payable
Cash
Buildings - Structure
Equipment
Revenue - Government Grants
Gain
Accounts Receivable
Interest Payable
Land
Notes Payable
No Entry
Cash
Buildings - Roof
Purchase Discounts
Donation Revenue
Accounts Payable
Buildings
Purchase Discounts
Cash
Donation Revenue
Accounts Payable
Accounts Receivable
Buildings
Buildings - Roof
Buildings - Structure
Equipment
Revenue - Government Grants
Gain
Interest Payable
Land
No Entry
Notes Payable
Revenue - Government Grants
Interest Payable
Equipment
Land
No Entry
Accounts Payable
Accounts Receivable
Buildings
Cash
Donation Revenue
Gain
Buildings - Roof
Notes Payable
Buildings - Structure
Purchase Discounts
2.
Buildings - Roof
Equipment
Accounts Receivable
Land
Buildings
Revenue - Government Grants
Donation Revenue
Buildings - Structure
Cash
Purchase Discounts
Gain
Accounts Payable
Interest Payable
Notes Payable
No Entry
Land
Interest Payable
Cash
No Entry
Purchase Discounts
Revenue - Government Grants
Donation Revenue
Equipment
Buildings
Accounts Payable
Accounts Receivable
Buildings - Roof
Notes Payable
Buildings - Structure
Gain
Interest Payable
Cash
Revenue - Government Grants
Donation Revenue
Buildings - Roof
Land
Buildings - Structure
Equipment
Gain
Purchase Discounts
Accounts Payable
Notes Payable
Accounts Receivable
Buildings
No Entry
3.
Land
Accounts Receivable
Cash
Purchase Discounts
Interest Payable
Notes Payable
No Entry
Revenue - Government Grants
Donation Revenue
Buildings - Structure
Accounts Payable
Buildings
Buildings - Roof
Equipment
Gain
Notes Payable
Buildings
No Entry
Interest Payable
Buildings - Roof
Land
Purchase Discounts
Revenue - Government Grants
Buildings - Structure
Cash
Accounts Receivable
Equipment
Gain
Donation Revenue
Accounts Payable
4.
Accounts Payable
Cash
Buildings - Structure
Equipment
Accounts Receivable
Buildings
Buildings - Roof
Gain
No Entry
Purchase Discounts
Land
Notes Payable
Interest Payable
Revenue - Government Grants
Donation Revenue
Cash
Accounts Receivable
Donation Revenue
Accounts Payable
Buildings
Buildings - Roof
Equipment
Notes Payable
Buildings - Structure
Gain
Interest Payable
Land
No Entry
Revenue - Government Grants
Purchase Discounts
5.
Land
Accounts Payable
Accounts Receivable
Donation Revenue
Cash
Buildings - Structure
Purchase Discounts
Buildings
Revenue - Government Grants
Equipment
Gain
Buildings - Roof
Interest Payable
Notes Payable
No Entry
Revenue - Government Grants
Donation Revenue
Purchase Discounts
Accounts Payable
Gain
Interest Payable
Buildings - Structure
Accounts Receivable
Buildings
Buildings - Roof
Cash
Equipment
Land
Notes Payable
No Entry
LINK TO TEXT
Prepare the correcting entry that is required in each case to correct the accounts. In other words, do not simply reverse the incorrect entry and replace it with the entryin the part above.(Credit account titles are automatically indented when the 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. Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 5,275.)
No.
Account Titles and Explanation
Debit
Credit
1.
Donation Revenue
Land
Purchase Discounts
No Entry
Equipment
Revenue - Government Grants
Buildings - Structure
Accounts Receivable
Sales Revenue
Buildings
Accounts Payable
Buildings - Roof
Cash
Gain
Notes Payable
Interest Payable
Notes Payable
No Entry
Revenue - Government Grants
Interest Payable
Equipment
Land
Buildings
Purchase Discounts
Donation Revenue
Sales Revenue
Accounts Payable
Gain
Accounts Receivable
Buildings - Roof
Buildings - Structure
Cash
Equipment
Notes Payable
Purchase Discounts
Buildings - Structure
Buildings
Interest Payable
Accounts Receivable
Donation Revenue
Cash
Buildings - Roof
Land
Gain
No Entry
Revenue - Government Grants
Sales Revenue
Accounts Payable
Gain
No Entry
Buildings - Structure
Accounts Payable
Revenue - Government Grants
Notes Payable
Cash
Equipment
Donation Revenue
Interest Payable
Purchase Discounts
Land
Sales Revenue
Accounts Receivable
Buildings
Buildings - Roof
Buildings - Structure
Cash
Equipment
Accounts Payable
Notes Payable
Interest Payable
Sales Revenue
Purchase Discounts
Land
Revenue - Government Grants
Donation Revenue
Accounts Receivable
Buildings
Buildings - Roof
Gain
No Entry
2.
Gain
Land
Buildings - Structure
No Entry
Interest Payable
Sales Revenue
Buildings
Notes Payable
Cash
Purchase Discounts
Revenue - Government Grants
Equipment
Buildings - Roof
Donation Revenue
Accounts Payable
Accounts Receivable
Land
Donation Revenue
Notes Payable
No Entry
Purchase Discounts
Gain
Sales Revenue
Interest Payable
Accounts Receivable
Revenue - Government Grants
Accounts Payable
Buildings
Buildings - Roof
Buildings - Structure
Cash
Equipment
3.
Interest Payable
Gain
Land
Notes Payable
Revenue - Government Grants
Cash
Donation Revenue
Sales Revenue
No Entry
Buildings - Structure
Purchase Discounts
Equipment
Accounts Payable
Accounts Receivable
Buildings - Roof
Buildings
Equipment
Buildings
Land
Buildings - Roof
Donation Revenue
Revenue - Government Grants
Buildings - Structure
Cash
Gain
Interest Payable
Notes Payable
No Entry
Purchase Discounts
Sales Revenue
Accounts Receivable
Accounts Payable
Buildings
Accounts Payable
Purchase Discounts
Gain
No Entry
Accounts Receivable
Donation Revenue
Sales Revenue
Interest Payable
Revenue - Government Grants
Buildings - Roof
Equipment
Buildings - Structure
Cash
Land
Notes Payable
Interest Payable
Revenue - Government Grants
Purchase Discounts
Accounts Payable
Buildings - Roof
Land
Donation Revenue
Equipment
Sales Revenue
Accounts Receivable
Buildings
Gain
Buildings - Structure
Notes Payable
Cash
No Entry
4.
Notes Payable
Buildings - Structure
Accounts Receivable
Donation Revenue
Sales Revenue
Buildings
Purchase Discounts
No Entry
Cash
Buildings - Roof
Equipment
Gain
Interest Payable
Revenue - Government Grants
Accounts Payable
Land
No Entry
Buildings - Structure
Accounts Payable
Notes Payable
Gain
Purchase Discounts
Cash
Buildings - Roof
Revenue - Government Grants
Accounts Receivable
Equipment
Interest Payable
Land
Donation Revenue
Sales Revenue
Buildings
5.
Sales Revenue
Land
Cash
Buildings - Structure
Revenue - Government Grants
Gain
Buildings
Buildings - Roof
Equipment
Accounts Payable
Interest Payable
Purchase Discounts
Notes Payable
No Entry
Donation Revenue
Accounts Receivable
Interest Payable
No Entry
Sales Revenue
Accounts Payable
Purchase Discounts
Land
Gain
Accounts Receivable
Buildings
Revenue - Government Grants
Buildings - Roof
Buildings - Structure
Cash
Notes Payable
Equipment
Donation Revenue
LINK TO TEXT
Question Attempts: 0 of 3 usedSAVE FOR LATER
SUBMIT ANSWER
Exercise 10-12
Plant acquisitions for selected companies are as follows:
1.Blossom Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $758,000. At the time of purchase, Torres's assets had the following book and appraisal values:
Book Value
Appraisal Value
Land$214,000$148,000Buildings245,000349,000Equipment365,000365,000
Blossom Industries decided to take the lower of the two values for each asset it acquired. The following entry was made:
Land
148,000
Buildings
245,000
Equipment
365,000
Cash
758,000
Blossom Industries expects the building structure to last another 20 years; however, it expects that it will have to replace the roof in the next five years. Torres Co. indicated that, on initial construction of the building, the roof amounted to 20% of the cost of the building. Because of the unique design and materials needed to replace the roof, the contractors stated that the roof structure is currently worth 14% of the value of the building purchase.2.Hari Enterprises purchased equipment by making a $1,700 cash down payment and signing a $24,100, one-year, 10% note payable. The purchase was recorded as follows:
Equipment
28,210Cash1,700Notes Payable24,100Interest Payable2,4103.Kim Company purchased equipment for $21,900, terms 3/10, n/30. Because the company intended to take the discount, it made no entry until it paid for the acquisition. The entry was:
Equipment21,900Cash21,243Purchase Discounts6574.Kaiser Inc. recently received land at zero cost from the Village of Chester as an inducement to locate its business in the village. The land's appraised value was $35,000. The company made no entry to record the land because it had no cost basis.5.Zimmerman Company built a warehouse for $607,000. It could have contracted out and purchased the building for $732,000. The controller made the following entry:
Buildings732,000Cash607,000Sales Revenue
125,000
Prepare the entry that should have been made at the date of each acquisition.(Credit account titles are automatically indented when the 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. Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 5,275.)
No.
Account Titles and Explanation
Debit
Credit
1.
Interest Payable
Buildings - Roof
Land
Notes Payable
Donation Revenue
Accounts Payable
Purchase Discounts
Accounts Receivable
Buildings
Buildings - Structure
Cash
Revenue - Government Grants
No Entry
Equipment
Gain
Buildings - Roof
Buildings
Notes Payable
Gain
No Entry
Revenue - Government Grants
Purchase Discounts
Interest Payable
Land
Equipment
Accounts Receivable
Buildings - Structure
Donation Revenue
Accounts Payable
Cash
Buildings - Structure
Equipment
Revenue - Government Grants
Gain
Accounts Receivable
Interest Payable
Land
Notes Payable
No Entry
Cash
Buildings - Roof
Purchase Discounts
Donation Revenue
Accounts Payable
Buildings
Purchase Discounts
Cash
Donation Revenue
Accounts Payable
Accounts Receivable
Buildings
Buildings - Roof
Buildings - Structure
Equipment
Revenue - Government Grants
Gain
Interest Payable
Land
No Entry
Notes Payable
Revenue - Government Grants
Interest Payable
Equipment
Land
No Entry
Accounts Payable
Accounts Receivable
Buildings
Cash
Donation Revenue
Gain
Buildings - Roof
Notes Payable
Buildings - Structure
Purchase Discounts
2.
Buildings - Roof
Equipment
Accounts Receivable
Land
Buildings
Revenue - Government Grants
Donation Revenue
Buildings - Structure
Cash
Purchase Discounts
Gain
Accounts Payable
Interest Payable
Notes Payable
No Entry
Land
Interest Payable
Cash
No Entry
Purchase Discounts
Revenue - Government Grants
Donation Revenue
Equipment
Buildings
Accounts Payable
Accounts Receivable
Buildings - Roof
Notes Payable
Buildings - Structure
Gain
Interest Payable
Cash
Revenue - Government Grants
Donation Revenue
Buildings - Roof
Land
Buildings - Structure
Equipment
Gain
Purchase Discounts
Accounts Payable
Notes Payable
Accounts Receivable
Buildings
No Entry
3.
Land
Accounts Receivable
Cash
Purchase Discounts
Interest Payable
Notes Payable
No Entry
Revenue - Government Grants
Donation Revenue
Buildings - Structure
Accounts Payable
Buildings
Buildings - Roof
Equipment
Gain
Notes Payable
Buildings
No Entry
Interest Payable
Buildings - Roof
Land
Purchase Discounts
Revenue - Government Grants
Buildings - Structure
Cash
Accounts Receivable
Equipment
Gain
Donation Revenue
Accounts Payable
4.
Accounts Payable
Cash
Buildings - Structure
Equipment
Accounts Receivable
Buildings
Buildings - Roof
Gain
No Entry
Purchase Discounts
Land
Notes Payable
Interest Payable
Revenue - Government Grants
Donation Revenue
Cash
Accounts Receivable
Donation Revenue
Accounts Payable
Buildings
Buildings - Roof
Equipment
Notes Payable
Buildings - Structure
Gain
Interest Payable
Land
No Entry
Revenue - Government Grants
Purchase Discounts
5.
Land
Accounts Payable
Accounts Receivable
Donation Revenue
Cash
Buildings - Structure
Purchase Discounts
Buildings
Revenue - Government Grants
Equipment
Gain
Buildings - Roof
Interest Payable
Notes Payable
No Entry
Revenue - Government Grants
Donation Revenue
Purchase Discounts
Accounts Payable
Gain
Interest Payable
Buildings - Structure
Accounts Receivable
Buildings
Buildings - Roof
Cash
Equipment
Land
Notes Payable
No Entry
LINK TO TEXT
Prepare the correcting entry that is required in each case to correct the accounts. In other words, do not simply reverse the incorrect entry and replace it with the entryin the part above.(Credit account titles are automatically indented when the 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. Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 5,275.)
No.
Account Titles and Explanation
Debit
Credit
1.
Donation Revenue
Land
Purchase Discounts
No Entry
Equipment
Revenue - Government Grants
Buildings - Structure
Accounts Receivable
Sales Revenue
Buildings
Accounts Payable
Buildings - Roof
Cash
Gain
Notes Payable
Interest Payable
Notes Payable
No Entry
Revenue - Government Grants
Interest Payable
Equipment
Land
Buildings
Purchase Discounts
Donation Revenue
Sales Revenue
Accounts Payable
Gain
Accounts Receivable
Buildings - Roof
Buildings - Structure
Cash
Equipment
Notes Payable
Purchase Discounts
Buildings - Structure
Buildings
Interest Payable
Accounts Receivable
Donation Revenue
Cash
Buildings - Roof
Land
Gain
No Entry
Revenue - Government Grants
Sales Revenue
Accounts Payable
Gain
No Entry
Buildings - Structure
Accounts Payable
Revenue - Government Grants
Notes Payable
Cash
Equipment
Donation Revenue
Interest Payable
Purchase Discounts
Land
Sales Revenue
Accounts Receivable
Buildings
Buildings - Roof
Buildings - Structure
Cash
Equipment
Accounts Payable
Notes Payable
Interest Payable
Sales Revenue
Purchase Discounts
Land
Revenue - Government Grants
Donation Revenue
Accounts Receivable
Buildings
Buildings - Roof
Gain
No Entry
2.
Gain
Land
Buildings - Structure
No Entry
Interest Payable
Sales Revenue
Buildings
Notes Payable
Cash
Purchase Discounts
Revenue - Government Grants
Equipment
Buildings - Roof
Donation Revenue
Accounts Payable
Accounts Receivable
Land
Donation Revenue
Notes Payable
No Entry
Purchase Discounts
Gain
Sales Revenue
Interest Payable
Accounts Receivable
Revenue - Government Grants
Accounts Payable
Buildings
Buildings - Roof
Buildings - Structure
Cash
Equipment
3.
Interest Payable
Gain
Land
Notes Payable
Revenue - Government Grants
Cash
Donation Revenue
Sales Revenue
No Entry
Buildings - Structure
Purchase Discounts
Equipment
Accounts Payable
Accounts Receivable
Buildings - Roof
Buildings
Equipment
Buildings
Land
Buildings - Roof
Donation Revenue
Revenue - Government Grants
Buildings - Structure
Cash
Gain
Interest Payable
Notes Payable
No Entry
Purchase Discounts
Sales Revenue
Accounts Receivable
Accounts Payable
Buildings
Accounts Payable
Purchase Discounts
Gain
No Entry
Accounts Receivable
Donation Revenue
Sales Revenue
Interest Payable
Revenue - Government Grants
Buildings - Roof
Equipment
Buildings - Structure
Cash
Land
Notes Payable
Interest Payable
Revenue - Government Grants
Purchase Discounts
Accounts Payable
Buildings - Roof
Land
Donation Revenue
Equipment
Sales Revenue
Accounts Receivable
Buildings
Gain
Buildings - Structure
Notes Payable
Cash
No Entry
4.
Notes Payable
Buildings - Structure
Accounts Receivable
Donation Revenue
Sales Revenue
Buildings
Purchase Discounts
No Entry
Cash
Buildings - Roof
Equipment
Gain
Interest Payable
Revenue - Government Grants
Accounts Payable
Land
No Entry
Buildings - Structure
Accounts Payable
Notes Payable
Gain
Purchase Discounts
Cash
Buildings - Roof
Revenue - Government Grants
Accounts Receivable
Equipment
Interest Payable
Land
Donation Revenue
Sales Revenue
Buildings
5.
Sales Revenue
Land
Cash
Buildings - Structure
Revenue - Government Grants
Gain
Buildings
Buildings - Roof
Equipment
Accounts Payable
Interest Payable
Purchase Discounts
Notes Payable
No Entry
Donation Revenue
Accounts Receivable
Interest Payable
No Entry
Sales Revenue
Accounts Payable
Purchase Discounts
Land
Gain
Accounts Receivable
Buildings
Revenue - Government Grants
Buildings - Roof
Buildings - Structure
Cash
Notes Payable
Equipment
Donation Revenue
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