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Tim Latimer Corporation had the following transactions. 1. Sold land (cost $12,000) for $15,000. 2. Issued common stock for $20,000. 3. Recorded depreciation on buildings
Tim Latimer Corporation had the following transactions.
1. | Sold land (cost $12,000) for $15,000. | |
2. | Issued common stock for $20,000. | |
3. | Recorded depreciation on buildings for $17,000. | |
4. | Paid salaries of $9,000. | |
5. | Issued 1,000 shares of $1 par value common stock for equipment worth $8,000. | |
6. | Sold equipment (cost $10,000, accumulated depreciation $7,000) for $1,200. |
For each transaction above, prepare the journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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