Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. sweet ltd. wished to purchase some new equipment f

Sweet Ltd. wished to purchase some new equipment for its factory. However, due to recent...

80.2K

Verified Solution

Question

Accounting

image

Sweet Ltd. wished to purchase some new equipment for its factory. However, due to recent cash flow difficulties, Sweet did not have enough cash on hand to complete the transaction. The equipment's vendor agreed to accept 1,300 common shares in Sweet in exchange for the equipment. Sweet's shares were actively trading at $14.50/share on the day of the exchange. (a) Your answer is partially correct. Prepare the journal entry to record the purchase of the equipment on Sweet's books, assuming the list price for the equipment was $20,540. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Equipment 20540 Common Shares 20540

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Below is a diffraction problem. I have the solutions to the problem but I don't know...

Physics
Q

uestion 8 ich of the following conditions leads

Biology
Q

A coffee shop allows customers to choose 1 ingredient from each category:coffee or espresso cream,...

Geometry
Q

11 A line that passes through the point 1 3 has a slope of 2...

Basic Math
Q

PRACTICE A A corporation creates a sinking fund in order to have 340 000 to...

Basic Math
Q

Assume that a national fitness study reports that 15% of millenials exercise daily. Suppose that...

Basic Math
Q

Find dy/dt for each pair of functions.y=x-7x, x = t +3

Calculus
Q

Find a power series solution Cnx of the given differential equation Determine the radius of...

Calculus
Q

Michael owns and manages a small business which sells organic beauty products to high street...

Accounting
Q

Participant observation includes all of the following EXCEPT: O Staying for an extended period of...

Accounting
Q

During 2020, Concord Furniture Limited purchased a railway carload of wicker chairs. The manufacturer of...

Accounting
Q

haasim has saved $100000 and he is considering investing the money, his investor profile is...

Finance