Reference no: EM132574563
On January 1, 2016, Crouser Company sold land to Chad Company, accepting a 2-year, $150,000, non-interest-bearing note due January 1, 2018. The fair value of the land was $128,600.85 on the date of sale. Crouser purchased the land for $105,000 on January 1, 2010.
Required:
Question 1: Prepare all the journal entries on Crouser's books for January 1, 2016, through January 1, 2018, in regard to the Chad note.
CHART OF ACCOUNTS
Crouser Company
General Ledger
ASSETS
111 Cash
121 Accounts Receivable
125 Notes Receivable
141 Inventory
152 Prepaid Insurance
162 Discount on Notes Receivable
171 Land
181 Equipment
189 Accumulated Depreciation
LIABILITIES
211 Accounts Payable
231 Salaries Payable
250 Unearned Revenue
261 Income Taxes Payable
EQUITY
311 Common Stock
331 Retained Earnings
REVENUE
411 Sales Revenue
431 Interest Income
436 Gain on Sale of Land
EXPENSES
500 Cost of Goods Sold
511 Insurance Expense
512 Utilities Expense
521 Salaries Expense
532 Bad Debt Expense
540 Interest Expense
541 Depreciation Expense
559 Miscellaneous Expenses
910 Income Tax Expense
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