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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
Cornett Company, a tennis racket manufacturing company, was given $600,000 worth of property from an independent developer as an incentive to build a factory there. Prepare the journal entry for Cornett to record the receipt of the land.
Journalize entry to record the receipt of land for Company C.
Property, Plant, and Equipment:
Property, Plant, and Equipment refers to the fixed assets, having a useful life of more than a year that is acquired by a company to be used in its business activities, for generating revenue.
Journal entry:
Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.
Accounting rules for Journal entries:
- To record increase balance of account: Debit assets, expenses, losses and credit liabilities, capital, revenue and gains.
- To record decrease balance of account: Credit assets, expenses, losses and debit liabilities, capital, revenue and gains
Prepare journal entry:
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