Current Attempt in Progress 4 From the following list of independent events (a) state whether the transaction should be recorded or not recorded in the accounting records and (b) If the transaction should be recorded, indicate the amount. (Do not leave any answer field blank. Enter O for amounts.) 1. 2. 3. 4. 5. Transactions A company pays $10,000 cash to purchase equipment at a bankruptcy sale. The equipment's fair value is $15,000. A Canadian company purchases equipment from a company in the United States and pays US $5,200 cash. It cost the company $5,000 Canadian to purchase the U.S. dollars from its bank. A company provides $4,000 of services to a customer on account. A company hires a new chief executive officer, who will bring significant economic benefit to the company. The company agrees to pay the new executive officer $500,000 per year. A company signs a contract to provide $10,000 of services to a customer. The customer pays the company $4,000 cash at the time the contract is signed. The performance obligation required by the company has not been completed. Accounting records $ $ $ $ Amount

Current Attempt in Progress 4 From the following list of independent events (a) state whether the transaction should be recorded or not recorded in the accounting records and (b) If the transaction should be recorded, indicate the amount. (Do not leave any answer field blank. Enter O for amounts.) 1. 2. 3. 4. 5. Transactions A company pays $10,000 cash to purchase equipment at a bankruptcy sale. The equipment's fair value is $15,000. A Canadian company purchases equipment from a company in the United States and pays US $5,200 cash. It cost the company $5,000 Canadian to purchase the U.S. dollars from its bank. A company provides $4,000 of services to a customer on account. A company hires a new chief executive officer, who will bring significant economic benefit to the company. The company agrees to pay the new executive officer $500,000 per year. A company signs a contract to provide $10,000 of services to a customer. The customer pays the company $4,000 cash at the time the contract is signed. The performance obligation required by the company has not been completed. Accounting records $ $ $ $ Amount

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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