Swablu Ltd sells office equipment to Chantelle Ltd. Rather than paying in cash, Chantelle Ltd will transfer
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Swablu Ltd sells office equipment to Chantelle Ltd. Rather than paying in cash, Chantelle Ltd will transfer some furniture to Swablu Ltd. The furniture is recorded in Chantelle Ltd's account at a cost of \($23\) 000 and with accumulated depreciation of \($4\) 000. The fair value of the furniture is estimated as being \($20\) 000. Swablu Ltd also pays \($4000\) cash to Chantelle Ltd.
Required
Provide the journal entries for Swablu Ltd to record the transaction.
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ISBN: 9780730396413
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Authors: Janice Loftus, Ken Leo, Sorin Daniliuc, Belinda Luke, Hong Nee Ang, Mike Bradbury, Dean Hanlon, Noel Boys, Karyn Byrnes
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