Sheffield Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On the first day of work, the accountant was assigned to total a batch of invoices with the use of an adding machine. Before long, the accountant, who had never before seen such a machine, managed to break the machine. Sheffield Corporation gave the machine plus $456 to Tamarisk Business Machine Company (dealer) in exchange for a new machine. Assume the following information about the machines. Machine cost Accumulated depreciation Fair value Sheffield Corp. (Old Machine) $389 188 Account Titles and Explanation Sheffield Corporation 114 For each company, prepare the necessary 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. List all debit entries before credit entries.) Tamarisk Business Machine Company Tamarisk Co. (New Machine) $362 -0- 570 Debit Credit

Sheffield Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On the first day of work, the accountant was assigned to total a batch of invoices with the use of an adding machine. Before long, the accountant, who had never before seen such a machine, managed to break the machine. Sheffield Corporation gave the machine plus $456 to Tamarisk Business Machine Company (dealer) in exchange for a new machine. Assume the following information about the machines. Machine cost Accumulated depreciation Fair value Sheffield Corp. (Old Machine) $389 188 Account Titles and Explanation Sheffield Corporation 114 For each company, prepare the necessary 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. List all debit entries before credit entries.) Tamarisk Business Machine Company Tamarisk Co. (New Machine) $362 -0- 570 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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