12Bridge City Consulting bought a building and the land on which it is located for $195,000 cash.The land is estimated to represent 70 percent of the purchase price. The company paid $20,000for building renovations before it was ready for use.Part 1 of 2Required:5polnts2. Prepare the journal entry to record all expenditures. Assume that all transactions were for cash and theyoccurred at the start of the year. (If no entry is required for a transaction/event, select "No Journal EntryRequired" in the first account field.)еВookHintView transaction listPrintJournal entry worksheetA>ReferencesRecord all expenditures for the land and buildings assuming all transactionswere paid for with cash and occurred at the start of the year.Note: Enter debits before credits.TransactionGeneral JournalDebitCreditRecord entryClear entryView general journal

The asset is valued at the total cost incurred to bring the asset for being ready to use.

Bridge City Consulting bought a building and the land on which it is located for $195,000 cash. The land is estimated to represent 70 percent of the purchase price. The company paid $20,000 for building renovations before it was ready for use.

Bridge City Consulting bought a building and the land on which it is located for $195,000 cash. The land is estimated to represent 70 percent of the purchase price. The company paid $20,000 for building renovations before it was ready for use.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 13PA: Colquhoun International purchases a warehouse for $300,000. The best estimate of the salvage value...

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Question

12
Bridge City Consulting bought a building and the land on which it is located for $195,000 cash.
The land is estimated to represent 70 percent of the purchase price. The company paid $20,000
for building renovations before it was ready for use.
Part 1 of 2
Required:
5
polnts
2. Prepare the journal entry to record all expenditures. Assume that all transactions were for cash and they
occurred at the start of the year. (If no entry is required for a transaction/event, select "No Journal Entry
Required" in the first account field.)
еВook
Hint
View transaction list
Print
Journal entry worksheet
A
>
References
Record all expenditures for the land and buildings assuming all transactions
were paid for with cash and occurred at the start of the year.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
Record entry
Clear entry
View general journal

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