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Entries for Equipment Acquisitions Chopin Engineering Corporation purchased conveyor equipment with a list price of $15,000. Presented below are three independent cases related to the equipment. (Round to nearest dollar.)
(a) Chopin paid cash for the equipment 8 days after the purchase. The vendor's credit terms are 2/10, n/30. Assume that equipment purchases are recorded gross.
(b) Chopin traded in equipment with a book value of $2,000 (initial cost $8,000), and paid $14,200 in cash one month after the purchase. The old equipment could have been sold for $400 at the date of trade. (The exchange has commercial substance.)
(c) Chopin gave the vendor a $16,200 zero-interest-bearing note for the equipment on the date of purchase. The note was due in one year and was paid on time. Assume that the effective-interest rate in the market was 9%. Prepare the general journal entries required to record the acquisition and payment in each of the independent cases above. Round to the nearest dollar
struggling in my accounting class amp professor will not respond to my e-mails or several of my classmates . taking
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