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Swifty Corporation had the following transactions. 1. Sold land (cost $8,560) for $10,700. 2. Issued common stock at par for $22,100. Recorded depreciation on buildings for $14,200. Paid salaries of $7,400. 5. Issued 1,500 shares of $1 par value common stock for equipment worth $8,200. 6. Sold equipment (cost $12,500, accumulated depreciation $8,750) for $1,500. 3. 4.

Swifty Corporation had the following transactions. 1. Sold land (cost $8,560) for $10,700. 2. Issued common stock at par for $22,100. Recorded depreciation on buildings for $14,200. Paid salaries of $7,400. 5. Issued 1,500 shares of $1 par value common stock for equipment worth $8,200. 6. Sold equipment (cost $12,500, accumulated depreciation $8,750) for $1,500. 3. 4.

FINANCIAL ACCOUNTING
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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Swifty Corporation had the following transactions. 1. Sold land (cost $8,560) for $10,700. 2. Issued common stock at par for $22,100. 3. Recorded depreciation on buildings for $14,200. 4. Paid salaries of $7,400. 5. Issued 1,500 shares of $1 par value common stock for equipment worth $8,200. 6. Sold equipment (cost $12,500, accumulated depreciation $8,750) for $1,500. (a) For each transaction above, prepare the journal entry. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. 6.
Transcribed Image Text:Swifty Corporation had the following transactions. 1. Sold land (cost $8,560) for $10,700. 2. Issued common stock at par for $22,100. 3. Recorded depreciation on buildings for $14,200. 4. Paid salaries of $7,400. 5. Issued 1,500 shares of $1 par value common stock for equipment worth $8,200. 6. Sold equipment (cost $12,500, accumulated depreciation $8,750) for $1,500. (a) For each transaction above, prepare the journal entry. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. 6.
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