Reference no: EM131759532
Question: 1. On January 1, 2012, Sandy's Tax Service acquired a new color copier in exchange for an old color copier. The old copier had a cost of $14, 500 and accumulated depreciation of $8,000. Sandy's Office Store also paid out $12,000 in cash. Prepare the journal entry to record the exchange.
2. Davies Accessories Company entered into the following transactions relating to notes payable:
August 1 Purchased inventory costing $42,000 by signing an 8-month, 5% note payable.
October 1 Purchased inventory costing $15,000 by signing a 1-year, 6% note payable.
a. Prepare journal entries to record the above transactions.
b. Assuming Davies Accessories Company has a December 31 year-end, prepare any adjusting entries needed for the accrual of interest.
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