Answered step by step
Verified Expert Solution
Question
1 Approved Answer
For each of the following separate transactions: 1. Sold a building costing $33,000, with $21,200 of accumulated depreciation, for $9,200 cash, resulting in a $2,600
For each of the following separate transactions: 1. Sold a building costing $33,000, with $21,200 of accumulated depreciation, for $9,200 cash, resulting in a $2,600 loss. 2. Acquired machinery worth $11,200 by issuing $11,200 in notes payable. 3. Issued 1,120 shares of common stock at par for $2 per share. 4. Long-term notes payable with a carrying value of $40,600 were retired for $48,200 cash, resulting in a $7,600 loss. (a) Prepare the reconstructed journal entry. (b) Identify the effect it has, if any, on the investing section or financing section of the statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the reconstructed journal entry. View transaction list Journal entry worksheet 1 2 3 4 > Record sale of building. Note: Enter debits before credits Required A Required B Prepare the reconstructed journal entry. View transaction list Journal entry worksheet < 1 2 3 4 Record sale of building. Note: Enter debits before credits. Transaction (a) General Journal Debit Credit Record entry Clear entry View general journal ent Complete this question by entering your answers in the tabs below. Required A Required B Prepare the reconstructed journal entry. View transaction list Journal entry worksheet < 1 2 3 4 Record acquisition of machinery. Note: Enter debits before credits. Transaction (b) General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required A Required B Prepare the reconstructed journal entry. View transaction list Journal entry worksheet < 1 2 3 4 Record the issuance of common stock for cash. Note: Enter debits before credits. Transaction (c) General Journal Debit Credit Record entry Clear entry View general journal > Complete this question by entering your answers in the tabs below. Required A Required B Prepare the reconstructed journal entry. View transaction list Journal entry worksheet < 1 2 3 4 Record payment of cash to retire debt. Note: Enter debits before credits. Transaction (d) General Journal Debit Credit Record entry Clear entry View general journal For each of the following separate transactions: 1. Sold a building costing $33,000, with $21,200 of accumulated depreciation, for $9,200 cash, resulting in a $2,600 loss. 2. Acquired machinery worth $11,200 by issuing $11,200 in notes payable. 3. Issued 1,120 shares of common stock at par for $2 per share. 4. Long-term notes payable with a carrying value of $40,600 were retired for $48,200 cash, resulting in a $7,600 loss. (a) Prepare the reconstructed journal entry. (b) Identify the effect it has, if any, on the investing section or financing section of the statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Identify the effect it has, if any, on the investing section or financing section of the statement of cash flows. (Amounts to be deducted should be indicated by a minus sign.) Statement of Cash Flows (partial) Cash flows from investing activities Cash flows from financing activities $ 0 S 0
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started