Question

Riverwood Tanning Salon bought three tanning beds in a $19,000 lump-sum purchase. An independent appraiser valued the tanning beds as follows:

Tanning Bed Appraised Value
1 $ 10,000
2 3,000
3 7,000
Riverwood Tanning Salon paid $8,000 in cash and signed a note payable for $11,000. Record the purchase in the journal, identifying each tanning bed’s cost by number in a separate Tanning Bed account. Round decimals to three places.



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  • CreatedApril 29, 2014
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