Page 9 & page 12! 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. Prepare journal entries for Goodman and Harmes to record the exchange
Page 9 & page 12! 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. Prepare journal entries for Goodman and Harmes to record the exchange
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter17: Accounting For Notes And Interest
Section: Chapter Questions
Problem 4SEA: JOURNAL ENTRIES (NOTE RECEIVED, RENEWED, AND COLLECTED) Prepare general journal entries for the...
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Page 9 & page 12!
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.
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
1
2
3
4
5
DATE
GENERAL JOURNAL
ACCOUNT TITLE
POST. REF.
DEBIT
PAGE 9
PAGE 12
CREDIT](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa1e1d114-cba9-4c4f-a9ab-1a346fb28105%2F71c7a8bd-9725-47fb-bdcb-4067cfce8d8d%2Fkbf15s_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Prepare journal entries for Goodman and Harmes to record the exchange. Assume the exchange occurred on September 23.
General Journal Instructions
1
2
3
4
5
DATE
GENERAL JOURNAL
ACCOUNT TITLE
POST. REF.
DEBIT
PAGE 9
PAGE 12
CREDIT
![Prepare journal entries for Goodman and Harmes to record the exchange. Assume the exchange occurred on September 23.
General Journal Instructions
1
2
3
4
5
DATE
GENERAL JOURNAL
ACCOUNT TITLE
POST. REF.
DEBIT
PAGE 9
PAGE 12
CREDIT](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa1e1d114-cba9-4c4f-a9ab-1a346fb28105%2F71c7a8bd-9725-47fb-bdcb-4067cfce8d8d%2Fi3e1r3_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Prepare journal entries for Goodman and Harmes to record the exchange. Assume the exchange occurred on September 23.
General Journal Instructions
1
2
3
4
5
DATE
GENERAL JOURNAL
ACCOUNT TITLE
POST. REF.
DEBIT
PAGE 9
PAGE 12
CREDIT
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