Whispering Company exchanged equipment used in its manufacturing cperations plus $3,660 in cash for similar equipment used in the operations of Metlock Compary. The following information pertains to the exchange. Your answer is correct. Prepare the journal entries to record the ewchange on the books of both companies. Assume that the ewchange lacks commercial substance. (Credit account tities are autamatically indented when omount is entered. Do not indent manually. If no entry is required, seiect "No Entry" for the account tities and enter 0 for the amounts. List all debit entries before credit entries.) Attempts: 5 of 12 used (b) Prepare the journal entries to record the ewchange on the books of both companies. Assume that the exchange has commercial substance. (Credit account tities are autamatically indented when omount is entered. Do not indent manually. If no entry is required, seiect "No Entry" for the account tities and enter O for the amounts. List all debit entries before credit entries.)
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