Question: need help with section (B) Current Attempt in Progress Blossom Company exchanged equipment used in its manufacturing operations plus $4,380 in cash for similar equipment





need help with section (B)
Current Attempt in Progress Blossom Company exchanged equipment used in its manufacturing operations plus $4,380 in cash for similar equipment used in the operations of Blue Company. The following information pertains to the exchange. (a) Your answer is correct. Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Blue Company: Equipment 18,250 Accumulated Depreciation - Equipment Cash 4,380 Loss on Disposal of Equipment 3,650 Equipment Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange has commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Blue Company
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
