Metlock ASA traded a used truck (cost €25,600, accumulated depreciation €23,040) for a small computer worth €4,320. Metlock also paid €640 in the transaction. Prepare the journal entry to record the exchange. (The exchange has 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 O for the amounts.) Account Titles and Explanation Computers Accumulated Depreciation-Trucks Trucks Cash Loss on Disposal of Trucks Debit 4320 23040 Credit 25600 640 1120

Attempt Sheridan Ltd. factors receivables with a carrying amount of £220,000 to Warren Company for £176,000 and guarantees all credit losses. Prepare the appropriate journal entry to record this transaction on the books of Sheridan Ltd. (If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation eTextbook and Media Debit Credit

Grouper Company exchanged equipment used in its manufacturing operations plus $4,140 in cash for similar equipment used in the operations of Monty Company. The following information pertains to the exchange. Grouper Monty Co. Co. Equipment (cost) $38,640 $38,640 Accumulated depreciation 26,220 13,800 Fair value of equipment 17,250 21,390 Cash given up 4,140

Prepare journal entries to record these transactions. (List all debit entries before credit entries. 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 O for the amount in the relevant debit OR credit box. Entering zero in ALL boxes will result in the question being marked incorrect.) (a) Sunland Company retires its delivery equipment, which cost $52,980. Accumulated depreciation is also $52,980 on this delivery equipment. No salvage value is received. (b) Assume the same information as in part (a), except that accumulated depreciation for the equipment is $37,600 instead of $52,980. No. Account Titles and Explanation (a) Accumulated Depreciation-Equipment Equipment (b) Accumulated Depreciation-Equipment Debit 52980 37600 Loss on Disposal of Plant Assets 15380 Equipment Credit 52980 52980

(c) Your answer is partially correct. Of the above accounts, $4,900 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible account. (List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Allowance for Doubtful Accounts Accounts Receivable Debit 1 Credit

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Sunland Inc. mistakenly recorded a cheque as $653 that was written for $761 in payment of a payable owing to one of the company’s suppliers. In addition, the company noticed that the bank had mistakenly deducted a cheque for $476 from its bank account that was written by another company.(b)Identify any entries required on Sunland’s books to correct these errors. (List all debit entries before credit entries. 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 0 for the amounts.)

(c) of the above accounts, $5,000 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible account. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No Account Titles and Explanation Debit (b) (c) (d) (To reverse write-off.) (To reverse write-off.) (To record collection of write off.) Credit

Repeat the requirements for part (a), assuming that Bonita Company has no reliable data with which to estimate the standalone selling price for the Internet service. (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. Round answers to O decimal places, e.g. 5,125.) Date Account Titles and Explanation Debit Credit (To record sales) (To record cost of goods sold)

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