Question: Please make sure all info fits within the five lines in the General Journal. Thank you! Instructions Goodman Company acquired a truck from Harmes Company

General Journal. Thank you! Instructions Goodman Company acquired a truck from Harmes Please make sure all info fits within the five lines in the General Journal. Thank you!

Instructions Goodman Company acquired a truck from Harmes Company in exchange for a machine. The exchange is determined to have commercial substance. The machine cost $30,000, has a book value of $6,000, and has a market value of $8,500. The truck has a cost of $12,000 and a book value of $8,000 on Harmes' books. Goodman agrees to pay $500 to complete the exchange. Required: Prepare journal entries for Goodman and Harmes to record the exchange. Prepare journal entries for Goodman and Harmes to record the exchange. Assume the exchange occurred on September 23. General Journal Instructions PAGE 9 PAGE 12 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2 3 4 5

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