Question
On July 11, American Lift Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 5,000 shares of $5parcommon stockwith a current market price
On July 11, American Lift Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 5,000 shares of $5parcommon stockwith a current market price of $32.
Journalize the entry to record the transaction. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTS
American Lift Corporation General Ledger
ASSETS
110Cash
120 Accounts Receivable
131 Notes Receivable
132 Interest Receivable
141 Merchandise Inventory
145 Office Supplies
151 Prepaid Insurance
181 Land
193 Equipment
194 Accumulated Depreciation-Equipment
LIABILITIES
210 Accounts Payable
221 Notes Payable
226 Interest Payable
231 Cash Dividends Payable
236 Stock Dividends Distributable
241 Salaries Payable
261 Mortgage Note Payable
EQUITY
311 Common Stock
312 Paid-In Capital in Excess of Par-Common Stock
315 Treasury Stock
321 Preferred Stock
322 Paid-In Capital in Excess of Par-Preferred Stock
331 Paid-In Capital from Sale of Treasury Stock
340 Retained Earnings
351 Cash Dividends
352 Stock Dividends
390 Income Summary
REVENUE
410 Sales
610 Interest Revenue
EXPENSES
510 Cost of Merchandise Sold
515 Credit Card Expense
520 Salaries Expense
531 Advertising Expense
532 Delivery Expense
533 Selling Expenses
534 Rent Expense
535 Insurance Expense
536 Office Supplies Expense
537 Organizational Expenses
562 Depreciation Expense-Equipment
590 Miscellaneous Expense
710 Interest Expense
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