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Record the July entry for the payment

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Q1) On August 15, Grover Manufacturing trades in land costing $77,400 for new machinery with an appraised value of $80,200 and also receiving $6,900 in cash. Assume the transaction lacks commercial substance. Record the August 15 nonmonetary exchange entry?

Q2) On July 6, Hilmark Retailers purchased a total of $23,600 of inventory on account with terms 4/10, N/20. The company pays off the entire balance on July 19. Assume the company uses the net method for purchase discounts and the perpetual inventory system. Record the July 19 entry for the payment.

Q3) Glide Sunglasses determines that their LCM amount of December 31 ending inventory is $374,800. The company has ending inventory at cost of $393,400. Assume the company uses the cost of goods sold method for any adjustments. Record the December 31 adjusting entry (if necessary).

Reference no: EM132739771

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