Problem 3 P9-32A Assignment Background Ellie Johnson Associates surveys American

Question

Problem 3 P9-32A Assignment Background Ellie Johnson Associates surveys American eating habits. The company's 1) Using the General Journal tab, click Add Transaction to iournalize accounts include Land, Buildings, Office Equipment, and Communi?atión Equipment, with a separate Accumulated Depreciation account for each depreciable asset. Ellie Johnson Associates completed the activities listed then repeat these steps for each transaction in the Transactions section below during 2018 each transaction. Click Post Transaction once you complete the entry, 2) Click the Reports tab and review the results of recording these transactions on the General Ledger. 3) Click Submit Work when complete Transactions: 01/01/2018 Purchased office equipment, $113,000. Paid $80,000 cash and financed the remainder with a note payable 04/01/2018 Acquired land and communication equipment in a lump-sum purchase. Total cost was $310,000, paid in cash. An independent appraisal valued the land at $244,125 and the communication equipment at $81,375 09/01/2018 Sold a building that cost $520,000 (accumulated depreciation of $285,000 through December 31 of the preceding year). Ellie Johnson Associates received $420,000 cash from the sale of the building. Depreciation is computed on a straight-line basis. The building hasa SAVE WORK RESET SUBMIT WoRK REPORTS January 1, 2018-December 31, 2018 BUSINESS COMPANY INFORMATION CHART OF ACCOUNTS GENERAL JOURNAL Accounts Debit Credit No transactions in Journal ADD TRANSACTION EDIT CHECKED TRANSACTION DELETE CHECKED T

Explanation / Answer

Journal Entries :-

Working Note :-

1) Cash Distribution Ratio :-

Date Particulars Debit($) Credit($) Jan. 1 Office Equipment A/c Dr. 113000 To Cash A/c 80000 To Note Payable A/c 33000 Apr. 1 Land A/c Dr. (Working Note 1) 232500 Communication Equipment A/c Dr. 77500 To Cash A/c 310000 Sep. 1 Cash A/c Dr. 420000 To Building A/c ($520000-$285000) 235000 To Profit on Sale of Building A/c (Bal.) 185000 Dec. 31 Depreciation A/c Dr. ($77500/5) 15500 To Communication Equipment A/c 15500 Dec. 31 Depreciation A/c Dr. (($113000-$1000)/5) 22400 To Office Equipment A/c 22400

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