Unlock document.
This document is partially blurred.
Unlock all pages and 1 million more documents.
Get Access
1) The original cost of a machine was $60,000. After $45,000 of depreciation was
recorded, the machine was traded in on a new machine priced at $75,000. A $10,500
trade-in allowance was received on the old machine and the balance of $64,500 was
paid in cash. This transaction has commercial substance. Prepare the general journal
entry to record this trade-in.
2) Explain the accounting equation, and define its terms.
3) Hasbro had net sales of $7,875 and its average accounts receivables is $1,350.
Calculate Hasbro's accounts receivable turnover:
