Required: 1. Prepare the journal entry to record the purchase of the property, including all relevant expenditures. Assume that all transactions were for cash and that all purchases occurred at the start of the year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 Record the purchase of property, including all expenditures, paid with cash. Note: Enter debits before credits. Transaction a General Journal Debit Credit Record entry Clear entry View general journal >

Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets
Section19.6: Buying Intangible Assets And Calculating Amortization Expense
Problem 1OYO
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Shahia Company bought a building for $81,000 cash and the land on which it was located for $122,000 cash. The company paid transfer costs of $11,000 ($8,000 for the building and $3,000 for the land). Renovation costs on the building before it could be used were $28,000.

Required:
1. Prepare the journal entry to record the purchase of the property, including all relevant expenditures. Assume that all transactions
were for cash and that all purchases occurred at the start of the year.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list
Journal entry worksheet
<
1
Record the purchase of property, including all expenditures, paid with cash.
Note: Enter debits before credits.
Transaction
a
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
>
Transcribed Image Text:Required: 1. Prepare the journal entry to record the purchase of the property, including all relevant expenditures. Assume that all transactions were for cash and that all purchases occurred at the start of the year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 Record the purchase of property, including all expenditures, paid with cash. Note: Enter debits before credits. Transaction a General Journal Debit Credit Record entry Clear entry View general journal >
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