Carlos Arruza Company exchanged equipment used in its manufacturing operations p

Question

Carlos Arruza Company exchanged equipment used in its manufacturing operations plus $8,949 in cash for similar equipment used in the operations of Tony LoBianco Company. The following information pertains to the exchange. Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required select "No Entry" for the account titles and enter 0 for the amounts.)

Explanation / Answer

workings

Carlos Arruza Company DR CR Equipment    35796 Accumulated depreciation 56677 Old Equipment 83524 Cash 8949 92473 92473

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---