Accounts Payable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Leasehold Improvements Accumulated Depreciation - Machinery Accumulated Depreciation - Vehicle Overhaul Accumulated Depreciation - Vehicles Advertising Expense Asset Retirement Obligation Buildings Cash Common Shares Contributed Surplus - Donated Capital Cost of Goods Sold Deferred Revenue - Government Grants Depreciation Expense Donation Revenue Equipment Finance Expense Gain on Disposal of Buildings Gain on Disposal of Equipment Gain on Disposal of Machinery Gain on Disposal of Vehicles Gain on Vehicle Overhaul Gain or Loss in Value of Investment Property GST Receivable Interest Expense Interest Payable Inventory Investment Property Land Land Improvements Legal Expense Loss on Disposal of Buildings Loss on Disposal of Equipment Loss on Disposal of Machinery Loss on Disposal of Vehicles Loss on Vehicle Overhaul Machinery Mineral Resources Mortgage Payable No Entry Notes Payable Office Expense Prepaid Expenses Prepaid Insurance Purchase Discounts Repairs and Maintenance Expense Revaluation Gain or Loss

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Accounts Payable

Accumulated Depreciation - Buildings

Accumulated Depreciation - Equipment

Accumulated Depreciation - Leasehold Improvements

Accumulated Depreciation - Machinery

Accumulated Depreciation - Vehicle Overhaul

Accumulated Depreciation - Vehicles

Advertising Expense

Asset Retirement Obligation

Buildings

Cash

Common Shares

Contributed Surplus - Donated Capital

Cost of Goods Sold

Deferred Revenue - Government Grants

Depreciation Expense

Donation Revenue

Equipment

Finance Expense

Gain on Disposal of Buildings

Gain on Disposal of Equipment

Gain on Disposal of Machinery

Gain on Disposal of Vehicles

Gain on Vehicle Overhaul

Gain or Loss in Value of Investment Property

GST Receivable

Interest Expense

Interest Payable

Inventory

Investment Property

Land

Land Improvements

Legal Expense

Loss on Disposal of Buildings

Loss on Disposal of Equipment

Loss on Disposal of Machinery

Loss on Disposal of Vehicles

Loss on Vehicle Overhaul

Machinery

Mineral Resources

Mortgage Payable

No Entry

Notes Payable

Office Expense

Prepaid Expenses

Prepaid Insurance

Purchase Discounts

Repairs and Maintenance Expense

Revaluation Gain or Loss

Revaluation Surplus (AOCI)

Revaluation Surplus (OCI)

Revenue - Government Grants

Salaries and Wages Expense

Sales Revenue

Service Revenue

Supplies

Tenant Deposits Liability

Vehicle Overhaul

Vehicles

Shamrock Inc. traded a used vehicle (cost $25,000, accumulated depreciation $22,500) for another used vehicle with a fair value of
$3,700. Shamrock also paid $350 cash in the transaction.
Prepare the journal entry to record the exchange, assuming the transaction lacks commercial substance. (Credit account titles are
automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and
enter o for the amounts. List all debit entries before credit entries.)
Account Titles and Explanation
Debit
Credit
Transcribed Image Text:Shamrock Inc. traded a used vehicle (cost $25,000, accumulated depreciation $22,500) for another used vehicle with a fair value of $3,700. Shamrock also paid $350 cash in the transaction. Prepare the journal entry to record the exchange, assuming the transaction lacks commercial substance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Capital Gains and Losses
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education