Friday
July 25, 2014

Homework Help: Financial Accounting

Posted by Diane on Thursday, February 16, 2012 at 3:21pm.

Prepare the general journal entries for the following transactions:
Jan 2, 2011 -- Purchased land with a building on it for $750,000. The land is worth $300,000. Paid $150,000 cash down and signed a mortgage payable for the balance.
Dec. 31, 2011--Depreciation is computed using the straight line method. The estimated salvage value of the building is $75,000 and has an estimated life of 20 years.
July 1, 2012 -- The building and land are sold for $825,000 cash.

Question: I have done the journal entries but I am $150,000 short on credit side. What am I doing wrong? It's not balancing.

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

Financial Accounting - 1. Post the following transactions of a ...
business - Construction of a new plant: Architect's fees $ 4,000 Cash paid for ...
Accounting - I need to enter the following into Journal Enteries a) Borrowed $12...
accounting help - How to prepare this entries Preparing and posting journal ...
accounting - Shelton Engineering completed the following transactions in the ...
FND 154 Fundamentals of Accounting - Harwick Company Exercise 5-2 1. on April 5...
accounting - Analyze and record, in the form of T Accounts, Mr. James' ...
Accounting - 1. On July 1, 2010, Harris Co. issued 6,000 bonds at $1,000 each. ...
accounting - John's specialty store uses a perpetual inveentory system. the ...
accounting - please can you help how to get the answers fpr this problem solving...

Search
Members