During the 2014 fiscal year, ABC Company exchanged a violin that


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During the 2014 fiscal year, ABC Company exchanged a violin that would normally sell for$1,650 for a computer system that sold for $1,800. The transaction was booked in the accounting records as follows: DR Computer equipment                 1800 CR Revenue                                                  1650 CR Gain on purchase of equipment             150 DR Cost of goods sold                        1500 CR Inventory                                                1500 Should the entry be Cr Inventory                     1500 Dr Computer equipment         1500 And I would reverse the other entries (revenue, gain on purchase, cost of goods sold)? Carmen1234
posted a question · Sep 17, 2015 at 1:42pm

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