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Question - Quickbooks Company purchased land and a modern office building on March 1 for a combined cash price of $400,000. The land had a cost of $250,000 and the building had a net book value of $50,000 on the seller's books. The land and building had fair market values of $290,000 and $110,000, respectively on March 1. Quickbooks made the following entry at acquisition:
Land 350,000
Building 50,000
Gain on Purchase 200,000
Accumulated Amortization 50,000
Cash 150,000
Required - Prepare the correct entry for the acquisition.
Statz Company had sales of $2,000,000, Journalize the adjusting entries on December 31, 20Y1, to record the expected customer returns.
Journalize and post the adjusting entries. Use account number 131 for Prepaid Advertising and the same account numbers for all other accounts
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