TB EX Qu. 7-204 Nate's Hot Dogs exchanges long-term assets with Lizzy's. Nate's Hot Dogs exchanges long-term assets with Lizzy's Lemonade. Nate receives a delivery truck and gives up a piece of machinery. The fair value and book value of the machinery were $31,000 and $24,000 (original cost of $34,000 less accumulated depreciation of $10,000), respectively. Since the delivery truck was worth $34,000, Nate paid an additional $3.000 in cash to Lizzy Record the exchange for Nate's Hot Dogs. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list:
TB EX Qu. 7-204 Nate's Hot Dogs exchanges long-term assets with Lizzy's. Nate's Hot Dogs exchanges long-term assets with Lizzy's Lemonade. Nate receives a delivery truck and gives up a piece of machinery. The fair value and book value of the machinery were $31,000 and $24,000 (original cost of $34,000 less accumulated depreciation of $10,000), respectively. Since the delivery truck was worth $34,000, Nate paid an additional $3.000 in cash to Lizzy Record the exchange for Nate's Hot Dogs. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:TB EX Qu. 7-204 Nate's Hot Dogs exchanges long-term assets with Lizzy's.
Nate's Hot Dogs exchanges long-term assets with Lizzy's Lemonade. Nate receives a delivery truck and gives up a piece of machinery.
The fair value and book value of the machinery were $31,000 and $24,000 (original cost of $34,000 less accumulated depreciation of
$10,000), respectively. Since the delivery truck was worth $34,000, Nate paid an additional $3,000 in cash to Lizzy.
Record the exchange for Nate's Hot Dogs. (If no entry is required for a particular transaction/event, select "No Journal Entry
Required" in the first account field.)
View transaction list
Journal entry worksheet
Record the exchange for Nate's Hot Dogs
Note Enter debits before credits
Debit
Credit
Transaction
General Journal
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