Explore BrainMass

Explore BrainMass

    Journaling assets accounting 101

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    July 2 Bought Splashdown in it's entirety for a total price of $540,800. The assets include pool furniture, $3,800; the pool/slide facility(includes filter system, pools, pump, and slides), $148,800; building, $96,200; and land, $292,000. Paid $120,000 down and signed a mortgage note for the remainder. Journalise the transaction.

    © BrainMass Inc. brainmass.com June 4, 2020, 12:33 am ad1c9bdddf
    https://brainmass.com/business/accounting/journaling-assets-accounting-345205

    Solution Preview

    The Journal Entry Will be

    July 2 Pool Furniture 3800
    Pool ...

    Solution Summary

    The solution journalise the purchase of Splashdown business.

    $2.19

    ADVERTISEMENT