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Adjusting Entries: Shabbona Corporation operates a retail computer store. To improve delivery services to customers, the company purchased a new truck on April 1, 2010. The terms for the acquisition of the truck are: it has a list price of $16,000. It is acquired in exchange for a computer system that Shabbona carries in inventory. The computer system cost $12,000 and is normally sold by Shabbona for $15,200. Shabbona uses a perpetual inventory system. Write the journal entry to record the purchase of the truck. Write Dr. for debit and Cr. for credit.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9981103

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