Sunshine Tanning Salon bought three tanning beds in a $13,000 lump-sum purchase. An independent appraiser valued the

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Sunshine Tanning Salon bought three tanning beds in a $13,000 lump-sum purchase.

An independent appraiser valued the tanning beds as follows:

Tanning BedAppraised Value

1 $2,000

2 6,000

3 8,000

Sunshine Tanning Salon paid $6,500 in cash and signed a note payable for $6,500. 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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Financial Accounting

ISBN: 978-0133052152

2nd edition

Authors: Robert Kemp, Jeffrey Waybright

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Question Posted: Apr 29, 2014 02:55 AM

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Sunshine Tanning Salon bought three tanning beds in a $13,000 lump-sum purchase. An independent appraiser valued the

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Journal DATE ACCOUNTS POST REF Dr Cr Tanning Bed 1 1625 Tanning Bed ...View the full answer

Financial Accounting

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