Prepare the general journal entries for the following transactions. 20-a Jan. 2 Purchased land with a building on it for $750,000. The land is worth $300,000. Paid $150,000 down and signed a mortgage to be paid over 20 years. Dec. 31 Depreciation is computed using the straight-line method. The building has an estimated salvage value of $75,000 and an estimated life of 20 years.20-b Jul. 1 The building and the land are sold for $825,000 cash. If an amount box does not require an entry, leave it blank. 20-a Page: 1 Date DESCRIPTION POST. REF. DEBIT CREDIT 1 Jan. 2 fill in the blank 37b26efe5005049_2 fill in the blank 37b26efe5005049_3 1 2 fill in the blank 37b26efe5005049_5 fill in the blank 37b26efe5005049_6 2 3 fill in the blank 37b26efe5005049_8 fill in the blank 37b26efe5005049_9 3 4 fill in the blank 37b26efe5005049_11 fill in the blank 37b26efe5005049_12 4 5 Dec. 31 fill in the blank 37b26efe5005049_14 fill in the blank 37b26efe5005049_15 5 6 fill in the blank 37b26efe5005049_17 fill in the blank 37b26efe5005049_18 6 20-b Page: 1 Date DESCRIPTION POST. REF. DEBIT CREDIT 1 July 1 fill in the blank 1eb2e5f9afda03b_2 fill in the blank 1eb2e5f9afda03b_3 1 2 fill in the blank 1eb2e5f9afda03b_5 fill in the blank 1eb2e5f9afda03b_6 2 3 July 1 fill in the blank 1eb2e5f9afda03b_8 fill in the blank 1eb2e5f9afda03b_9 3 4 fill in the blank 1eb2e5f9afda03b_11 fill in the blank 1eb2e5f9afda03b_12 4 5 fill in the blank 1eb2e5f9afda03b_14 fill in the blank 1eb2e5f9afda03b_15 5 6 fill in the blank 1eb2e5f9afda03b_17 fill in the blank 1eb2e5f9afda03b_18 6 7
Prepare the general journal entries for the following transactions. 20-a Jan. 2 Purchased land with a building on it for $750,000. The land is worth $300,000. Paid $150,000 down and signed a mortgage to be paid over 20 years. Dec. 31 Depreciation is computed using the straight-line method. The building has an estimated salvage value of $75,000 and an estimated life of 20 years.20-b Jul. 1 The building and the land are sold for $825,000 cash. If an amount box does not require an entry, leave it blank. 20-a Page: 1 Date DESCRIPTION POST. REF. DEBIT CREDIT 1 Jan. 2 fill in the blank 37b26efe5005049_2 fill in the blank 37b26efe5005049_3 1 2 fill in the blank 37b26efe5005049_5 fill in the blank 37b26efe5005049_6 2 3 fill in the blank 37b26efe5005049_8 fill in the blank 37b26efe5005049_9 3 4 fill in the blank 37b26efe5005049_11 fill in the blank 37b26efe5005049_12 4 5 Dec. 31 fill in the blank 37b26efe5005049_14 fill in the blank 37b26efe5005049_15 5 6 fill in the blank 37b26efe5005049_17 fill in the blank 37b26efe5005049_18 6 20-b Page: 1 Date DESCRIPTION POST. REF. DEBIT CREDIT 1 July 1 fill in the blank 1eb2e5f9afda03b_2 fill in the blank 1eb2e5f9afda03b_3 1 2 fill in the blank 1eb2e5f9afda03b_5 fill in the blank 1eb2e5f9afda03b_6 2 3 July 1 fill in the blank 1eb2e5f9afda03b_8 fill in the blank 1eb2e5f9afda03b_9 3 4 fill in the blank 1eb2e5f9afda03b_11 fill in the blank 1eb2e5f9afda03b_12 4 5 fill in the blank 1eb2e5f9afda03b_14 fill in the blank 1eb2e5f9afda03b_15 5 6 fill in the blank 1eb2e5f9afda03b_17 fill in the blank 1eb2e5f9afda03b_18 6 7
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Prepare the general
| Jan. | 2 | Purchased land with a building on it for $750,000. The land is worth $300,000. Paid $150,000 down and signed a mortgage to be paid over 20 years. |
| Dec. | 31 |
| Jul. | 1 | The building and the land are sold for $825,000 cash. |
If an amount box does not require an entry, leave it blank.
20-a| Date | DESCRIPTION | POST. REF. |
DEBIT | CREDIT | ||
|---|---|---|---|---|---|---|
| 1 | Jan. 2 | fill in the blank 37b26efe5005049_2 | fill in the blank 37b26efe5005049_3 | 1 | ||
| 2 | fill in the blank 37b26efe5005049_5 | fill in the blank 37b26efe5005049_6 | 2 | |||
| 3 | fill in the blank 37b26efe5005049_8 | fill in the blank 37b26efe5005049_9 | 3 | |||
| 4 | fill in the blank 37b26efe5005049_11 | fill in the blank 37b26efe5005049_12 | 4 | |||
| 5 | Dec. 31 | fill in the blank 37b26efe5005049_14 | fill in the blank 37b26efe5005049_15 | 5 | ||
| 6 | fill in the blank 37b26efe5005049_17 | fill in the blank 37b26efe5005049_18 | 6 |
20-b
| Date | DESCRIPTION | POST. REF. |
DEBIT | CREDIT | ||
|---|---|---|---|---|---|---|
| 1 | July 1 | fill in the blank 1eb2e5f9afda03b_2 | fill in the blank 1eb2e5f9afda03b_3 | 1 | ||
| 2 | fill in the blank 1eb2e5f9afda03b_5 | fill in the blank 1eb2e5f9afda03b_6 | 2 | |||
| 3 | July 1 | fill in the blank 1eb2e5f9afda03b_8 | fill in the blank 1eb2e5f9afda03b_9 | 3 | ||
| 4 | fill in the blank 1eb2e5f9afda03b_11 | fill in the blank 1eb2e5f9afda03b_12 | 4 | |||
| 5 | fill in the blank 1eb2e5f9afda03b_14 | fill in the blank 1eb2e5f9afda03b_15 | 5 | |||
| 6 | fill in the blank 1eb2e5f9afda03b_17 | fill in the blank 1eb2e5f9afda03b_18 | 6 | |||
| 7 |
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