For each transaction above a prepare the journal entry and, Ask an Expert

Accounting

Tim Latimer Corporation had the following transactions.

Sold land (cost $11,762) for $14,703.

Issued common stock for $18,581.

Recorded depreciation of $15,797.

Paid salaries of $9,291.

Issued 1,028 shares of $1 par value common stock for equipment worth $7,489.

Sold equipment (cost $13,010, accumulated depreciation $9,107) for $1,561.

Instructions: For each transaction above, (a) prepare the journal entry, and (b) indicate how it would affect the statement of cash flows.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M950946

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