Journal entry to record the purchase of the equipment, Accounting Basics

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Journal entry to record the purchase of the equipment

Problem:

On January 1, 2011, Galaxy Sun Industries acquired a new piece of machinery and a used truck from Acme Equipment Company. Galaxy Sun negotiated a price of $125,000 for both items. The fair market value of the equipment was $120,000, and the fair market value of the truck was $30,000. Galaxy Sun Industries signed a note with Acme to make the purchase.

Required:

Question: Prepare the journal entry to record the purchase of the equipment.

Note: Please provide reasons to support your answer.

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Accounting Basics: Journal entry to record the purchase of the equipment

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Accounting Basics: Journal entry to record the purchase of the equipment

Reference No:- TGS0882197

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Journal entry to record the purchase of the equipment

Reference No:- TGS0882197

Recent Questions Asked Accounting Basics

Q : Describe streptokinase

Q : Compute the selling price per composite chair

Q : Describe five different systems for managing inventory

Q : Equivalent unit for conversion costs

Q : Journal entry to record the purchase of the equipment

Q : How to calculate the concentration of stock solution

Q : Explain how to make solution of phosphate buffered saline

Q : Cash method of accounting

Q : Explain high fidelity processes

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