ACCT 331 Chapter 10: In Class CH 10 S2016 solution

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8 Feb 2021
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EXERCISE 10-6 (15–25 minutes)
EXERCISE 10-6 (Continued)
1.
Land ...................................................................................
131,250
Buildings............................................................................
306,250
Equipment .........................................................................
262,500
Cash ..........................................................................
700,000
$700,000 X
$150,000
= $131,250
Land
$800,000
$700,000 X
$350,000
= $306,250
Buildings
$800,000
$700,000 X
$300,000
= $262,500
Equipment
$800,000
2.
Equipment .........................................................................
25,000
Cash ..........................................................................
2,000
Note Payable ............................................................
23,000
3.
Equipment .........................................................................
19,600
Accounts Payable ($20,000 X .98) ..........................
19,600
4.
Land ...................................................................................
27,000
Contribution Revenue .............................................
27,000
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5.
Buildings............................................................................
600,000
Cash ..........................................................................
600,000
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