Bramble Corporation builds in-home theater systems. Bramble’s business is growing quickly. Therefore, the CEO, Paul Bramble, decides to purchase three new trucks on September 20, 2017. The terms of acquisition for each truck are described below. 1. The first truck’s list price is $16,380. Bramble exchanges home theater equipment from its inventory for the truck. The home theater equipment cost Molitor $10,140. Bramble normally sells the equipment for $15,405. Bramble uses a perpetual inventory system. 2. The second truck has a list price of $17,160. Bramble makes a down payment of $3,900 cash on this truck and signs a zero-interest-bearing note with a face amount of $13,260. Payment of the note is due September 20, 2018. Bramble would normally have to pay interest at a rate of 8% for such a borrowing. 3. The list price of the third truck is $14,976. This truck is acquired in exchange for 936 shares of common stock in Bramble Corporation. The stock has a par value per share of $10 and a market price of $15 per share. Prepare the appropriate journal entries for the above transactions for Bramble Corporation. (Round present value factors to 5 decimal places, e.g. 0.52587 and final answers to 2 decimal places, e.g. 5,275.50. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 2. enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 3. Trucks enter a debit amount enter a credit amount common stock enter a debit amount enter a credit amount paid in capitol in excess of par common stock enter a debit amount enter a credit amount

Bramble Corporation builds in-home theater systems. Bramble’s business is growing quickly. Therefore, the CEO, Paul Bramble, decides to purchase three new trucks on September 20, 2017. The terms of acquisition for each truck are described below. 1. The first truck’s list price is $16,380. Bramble exchanges home theater equipment from its inventory for the truck. The home theater equipment cost Molitor $10,140. Bramble normally sells the equipment for $15,405. Bramble uses a perpetual inventory system. 2. The second truck has a list price of $17,160. Bramble makes a down payment of $3,900 cash on this truck and signs a zero-interest-bearing note with a face amount of $13,260. Payment of the note is due September 20, 2018. Bramble would normally have to pay interest at a rate of 8% for such a borrowing. 3. The list price of the third truck is $14,976. This truck is acquired in exchange for 936 shares of common stock in Bramble Corporation. The stock has a par value per share of $10 and a market price of $15 per share. Prepare the appropriate journal entries for the above transactions for Bramble Corporation. (Round present value factors to 5 decimal places, e.g. 0.52587 and final answers to 2 decimal places, e.g. 5,275.50. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 2. enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 3. Trucks enter a debit amount enter a credit amount common stock enter a debit amount enter a credit amount paid in capitol in excess of par common stock enter a debit amount enter a credit amount

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

1.		The first truck’s list price is $16,380. Bramble exchanges home theater equipment from its inventory for the truck. The home theater equipment cost Molitor $10,140. Bramble normally sells the equipment for $15,405. Bramble uses a perpetual inventory system.
2.		The second truck has a list price of $17,160. Bramble makes a down payment of $3,900 cash on this truck and signs a zero-interest-bearing note with a face amount of $13,260. Payment of the note is due September 20, 2018. Bramble would normally have to pay interest at a rate of 8% for such a borrowing.
3.		The list price of the third truck is $14,976. This truck is acquired in exchange for 936 shares of common stock in Bramble Corporation. The stock has a par value per share of $10 and a market price of $15 per share.

Prepare the appropriate journal entries for the above transactions for Bramble Corporation. (Round present value factors to 5 decimal places, e.g. 0.52587 and final answers to 2 decimal places, e.g. 5,275.50. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Account Titles and Explanation	Debit	Credit
1.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
2.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
3.	Trucks	enter a debit amount	enter a credit amount
	common stock	enter a debit amount	enter a credit amount
	paid in capitol in excess of par common stock	enter a debit amount	enter a credit amount

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

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.