Pitney Company purchased an office building, land, and furniture for $631,100 cash. The appraised value of the assets was as follows.LandBuildingFurnitureTotal$ 84,820261,528360,484$ 706,832Requireda. Compute the amount to be recorded on the books for each asset.b. Show the purchase in a horizontal statements model.c. Prepare the general journal entry to record the purchase.

Journal means the book of prime entries where all entries are recorded in different pages.Ledger…

Pitney Company purchased an office building, land, and furniture for $631,100 cash. The appraised value of the assets was as follows. Land Building Furniture $ 84,820 261,528 360,484 Total $ 706,832 Required a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model. c. Prepare the general journal entry to record the purchase.

Pitney Company purchased an office building, land, and furniture for $631,100 cash. The appraised value of the assets was as follows. Land Building Furniture $ 84,820 261,528 360,484 Total $ 706,832 Required a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model. c. Prepare the general journal entry to record the purchase.

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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