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EJ0.11 (LO1,3) (Entries for Equie. Aconisitions) Geddes Enginnering CorForation Purchased conve Yor pauie. with a list Price of $Jopo. Presented below gre three inderendent Cases related to the pauiement. CRound to the nearest dollar). Geddes Paid cash for the earsiement 8 days after the PuRhase. The vendor's credit terms are 270, 030, Assyme that euipment Purchases

EJ0.11 (LO1,3) (Entries for Equie. Aconisitions) Geddes Enginnering CorForation Purchased conve Yor pauie. with a list Price of $Jopo. Presented below gre three inderendent Cases related to the pauiement. CRound to the nearest dollar). Geddes Paid cash for the earsiement 8 days after the PuRhase. The vendor's credit terms are 270, 030, Assyme that euipment Purchases

FINANCIAL ACCOUNTING
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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9/231/2021 Jeffrey wang EJ0,11 (LO1,3) (Entries for Eauie. Acomisitions) Geddes Enginnering Corroration Purchased conve yor eauie. with a list Price of $Jojo0o. Presented below gre three independent Cases related to the eauiement. CROund to the nearest dollar). Geddes Paid cash for the earsipment 8 days after the Purchase. The vendor's credit terms are U10, n130. Assume that eauiement Purchases are initially recorded gross. 9. b. Geddes traded. in. eguiement with a book value of $2000 (initial Cost $8,000), and paid $1500 in Cash one month 9fter the Purchase. The old earuiement Coyld have been sold for $40 at the date of trade. Geddes gave the vendor a $19800 zero-interest - bearing note for the earuiement on the date of Purchase. The note was due in one year and was Paid on time. Assyme that the effective-interest rate in the market was 9% Instructions Prepare the general jounal entries reamired to record the acorulsition gnd poyment in each of the independent cases above
Transcribed Image Text:9/231/2021 Jeffrey wang EJ0,11 (LO1,3) (Entries for Eauie. Acomisitions) Geddes Enginnering Corroration Purchased conve yor eauie. with a list Price of $Jojo0o. Presented below gre three independent Cases related to the eauiement. CROund to the nearest dollar). Geddes Paid cash for the earsipment 8 days after the Purchase. The vendor's credit terms are U10, n130. Assume that eauiement Purchases are initially recorded gross. 9. b. Geddes traded. in. eguiement with a book value of $2000 (initial Cost $8,000), and paid $1500 in Cash one month 9fter the Purchase. The old earuiement Coyld have been sold for $40 at the date of trade. Geddes gave the vendor a $19800 zero-interest - bearing note for the earuiement on the date of Purchase. The note was due in one year and was Paid on time. Assyme that the effective-interest rate in the market was 9% Instructions Prepare the general jounal entries reamired to record the acorulsition gnd poyment in each of the independent cases above
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