Splish 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. Splish Corporation gave the machine plus $388 to Blossom Business Machine Company (dealer) in exchange for a new machine. Assume the following information about the machines. Splish Corp. (Old Machine) Blossom Co. (New Machine) Machine$331 $308 Accumulated depreciation 160 –0– Fair value 97 485 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 0 for the amounts.) Account Titles and Explanation Debit Credit Splish CorporationNote:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. Current Attempt in ProgressSplish Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On the firstday 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. Splish Corporation gave the machine plus $388 toBlossom Business Machine Company (dealer) in exchange for a new machine. Assume the following information about the machines.Blossom Co.Splish Corp.(Old(NewMachine)Machine)Machine cost$331$308Accumulated depreciationFair value160-0-97485For each company, prepare the necessary journal entry to record the exchange. (The exchange has commercial substance.) (Creditaccount titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for theaccount titles and enter O for the amounts.)Account Titles and ExplanationSplish CorporationBlossom Business Machine Company.DebitCredit

The journal entry is a record of a business transaction, it means the entity enters its transaction…

Answered: Splish Corporation, which manufactures…

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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Splish 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. Splish Corporation gave the machine plus $388 to Blossom Business Machine Company (dealer) in exchange for a new machine. Assume the following information about the machines. Splish Corp. (Old Machine) Blossom Co. (New Machine) Machine

$331 $308 Accumulated depreciation 160 –0– Fair value 97 485 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 0 for the amounts.) Account Titles and Explanation Debit Credit Splish Corporation

Note:-

Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
Answer completely.
You will get up vote for sure.

Current Attempt in Progress
Splish 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. Splish Corporation gave the machine plus $388 to
Blossom Business Machine Company (dealer) in exchange for a new machine. Assume the following information about the machines.
Blossom Co.
Splish Corp.
(Old
(New
Machine)
Machine)
Machine cost
$331
$308
Accumulated depreciation
Fair value
160
-0-
97
485
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.)
Account Titles and Explanation
Splish Corporation
Blossom Business Machine Company.
Debit
Credit

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