i need help on my Financial Accounting assignment. Only on #1 and #4.
Rachael Ray Corporation had the following transactions.
1. Sold land (cost $11,720) for $14,650.
2. Issued common stock for $23,050.
3. Recorded depreciation of $15,180.
4. Paid salaries of $8,610.
5. Issued 1,000 shares of $3 par value common stock for equipment worth $8,380.
6. Sold equipment (cost $13,760, accumulated depreciation $9,632) for $1,376.
For each transaction above, (a) prepare the journal entry
1. Cash dr 14650
Land cr 11720
? cr 2930
2. Cash dr 23050
Common stock cr 23050
3. Depre. Exp dr 15180
Accum. Depre. cr 15180
4. Salaries Exp. dr 8610
? cr 8610
5. Equipment dr 8380
Paid-in cap. in excess of par value cr 5380
Common Stock cr 3000
6. Accum. Depre. dr 9632
Loss on Disposal dr 2752
Cash dr 1376
Equipment cr 13760
Rachael Ray Corporation had the following transactions.
1. Sold land (cost $11,720) for $14,650.
2. Issued common stock for $23,050.
3. Recorded depreciation of $15,180.
4. Paid salaries of $8,610.
5. Issued 1,000 shares of $3 par value common stock for equipment worth $8,380.
6. Sold equipment (cost $13,760, accumulated depreciation $9,632) for $1,376.
For each transaction above, (a) prepare the journal entry
1. Cash dr 14650
Land cr 11720
? cr 2930
2. Cash dr 23050
Common stock cr 23050
3. Depre. Exp dr 15180
Accum. Depre. cr 15180
4. Salaries Exp. dr 8610
? cr 8610
5. Equipment dr 8380
Paid-in cap. in excess of par value cr 5380
Common Stock cr 3000
6. Accum. Depre. dr 9632
Loss on Disposal dr 2752
Cash dr 1376
Equipment cr 13760