On January 3, Carothers Corporation acquired $200,000 in new equipment in exchange for cash of $170,000 and a trade-in of old equipment. That old equipment originally cost $180,000 and had accumulated depreciation of $160,000; it had a book value of $20,000 at the time of exchange.Complete the necessary adjusting entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.**Journal Entry Worksheet**- **Date:** Jan. 3- **General Journal:** (Space for accounts to be filled in)- **Debit Column:** (Space for amounts to be filled in)- **Credit Column:** (Space for amounts to be filled in)**Note:** Enter debits before credits.[The worksheet includes a table with headings for Date, General Journal, Debit, and Credit. The user is expected to fill in the journal entry details in the table as part of an accounting exercise.]

Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal. An accounting journal shows a company's debit and credit balances. Date General Journal Debit Credit Equipment - New $200,000 Accumulated depreciation $160,000 Cash $170,0000 Equipment - Old $180,000 Gain on exchange of equipment $10,000 (To record the exchange of the equipment)

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On January 3, Carothers Corporation acquired $200,000 in new equipment in exchange for cash of $170,000 cash and a trade-in of old equipment. That old equipment originally cost $180,000 and had accumulated depreciation of $160,000; it had a book value of $20,000 at the time of exchange. Complete the necessary adjusting entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet 1 On January 3, Carothers Corporation acquired $200,000 in new equipment in exchange for cash of $170,000 cash and a trade-in of old equipment. That old equipment originally cost $180,000 and had accumulated depreciation of $160,000; it had a book value of $20,000 at the time of exchange. Note: Enter debits before credits. Date Jan. 3 General Journal Debit Credit

On January 3, Carothers Corporation acquired $200,000 in new equipment in exchange for cash of $170,000 cash and a trade-in of old equipment. That old equipment originally cost $180,000 and had accumulated depreciation of $160,000; it had a book value of $20,000 at the time of exchange. Complete the necessary adjusting entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet 1 On January 3, Carothers Corporation acquired $200,000 in new equipment in exchange for cash of $170,000 cash and a trade-in of old equipment. That old equipment originally cost $180,000 and had accumulated depreciation of $160,000; it had a book value of $20,000 at the time of exchange. Note: Enter debits before credits. Date Jan. 3 General Journal Debit Credit

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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