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28 Sep 2019
Please enter the following entry into a general journal andlabel clearly with debit and credits. Thanks.
(8) On September 1, 20x7 the company traded in a sorting machinewhich had cost $135,000 when purchased on March 1, 20x0 for asimilar new sorting machine with a purchase price of $210,000. Theold machine had a ten-year useful life with a $15,000 salvagevalue. Gray & Greene received $52,000 as a trade-in value onthe old machine. The new sorting machine is expected to have aneight-year life with an $11,000 salvage value. The company paid$40,000 in cash and signed a 3-year note for the balance due.
Date Description DR CR
Please enter the following entry into a general journal andlabel clearly with debit and credits. Thanks.
(8) On September 1, 20x7 the company traded in a sorting machinewhich had cost $135,000 when purchased on March 1, 20x0 for asimilar new sorting machine with a purchase price of $210,000. Theold machine had a ten-year useful life with a $15,000 salvagevalue. Gray & Greene received $52,000 as a trade-in value onthe old machine. The new sorting machine is expected to have aneight-year life with an $11,000 salvage value. The company paid$40,000 in cash and signed a 3-year note for the balance due.
Date | Description | DR | CR |
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Irving HeathcoteLv2
28 Sep 2019