Exercise 13-3

Cushenberry Corporation had the following transactions.

1.Sold land (cost $7,440) for $9,300.

2.Issued common stock at par for $20,500.

3.Recorded depreciation on buildings for $13,600.

4.Paid salaries of $6,600.

5.Issued 1,100 shares of $1 par value common stock for equipment worth $8,800.

6.Sold equipment (cost $14,100, accumulated depreciation $9,870) for $1,692.

(a) For each transaction above, prepare the journal entry.

(No. 1 and 5 have 3 account titles, no. 2,3,4 have 2 account titles, and no. 6 has 4 account titles).

LIST OF ACCOUNTS:

Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Cash Common Stock Cost of Goods Sold Depreciation Expense Equipment Gain on Disposal of Plant Assets Land Loss on Disposal of Plant Assets Paid-in Capital in Excess of Par-Common Stock Salaries and Wages Expense Salaries and Wages Payable Service Revenue