What are the correct Journal Entries for these 2 transactions. Decided to sell second line of consulting
Fantastic news! We've Found the answer you've been seeking!
Question:
What are the correct Journal Entries for these 2 transactions.
Decided to sell second line of consulting business. Found a buyer for second line of consulting services. Sold the business in exchange for $20,000 cash, the business and the machine (3/1) was sold. This resulted in a loss of $20,000.
Started up a second line of consulting services. Sold and received $300,000 in total for the year in consulting services and paid related misc. expenses of $350,000. This summarizes all revenues and expense of business #2. All in cash. Purchased a machine for business 2 for $40,000 cash.
Related Book For
Posted Date: