Exercise 12-03 Sheridan Corporation had the following transactions. Sold land (cost $11,300) for $14,300. 1....
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Exercise 12-03 Sheridan Corporation had the following transactions. Sold land (cost $11,300) for $14,300. 1. Issued common stock at par for $20,000. 2. Recorded depreciation on buildings for $16,300. 3. Paid salaries of $8,300. 4. Issued 1,200 shares of $1 par value common stock for equipment worth $9,600. 5. Sold equipment (cost $9,200, accumulated depreciation $6,440) for $1,104. 6. (a) For each transaction above, prepare the journal entry. (Credit account titles are automatically indented when amount Transaction Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. 6. SHOW LIST OF ACCOUNTS For each transaction above, (b) indicate how it would affect the statement of cash flows using the indirect method. (Do not leave section.) 1. Cash receipt Gain on disposal of plant assets 2. Cash receipt 3. Depreciation expense 4. Salaries and wages expense 5. Common stock for equipment s. Cash receipt Loss on disposal of plant assets SHOW LIST OF ACCOUNTS
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