Tim Latimer Corporation had the following transactions. For each transaction above, prepare the journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. 6. Solution Journal Debit Credit 1 Bank $9,337 Loss on sale of land $1,867 Land $11,204 2 Bank $23,110 common stock $23,110 3 Depreciation $14,190 Building $14,190 4 Salaries $7,000 Bank $7,000 5 Equipment $9,570 Premium On issue of common stk $8,510 Common stock $1,060 6 Bank $4,256 profit on sale of equipment $1,596 Equipment $2,660 .

1. Tim Latimer Corporation had the following transactions.
For each transaction above, prepare the journal entry. (Credit account titles are automatically
indented when amount is entered. Do not indent manually.)
No.
Account Titles and Explanation
Debit
Credit
1.
2.
3.
4.
5.
6.
1. Sold land (cost $11,204) for $9,337.
2. Issued common stock for $23,110.
3. Recorded depreciation on buildings for $14,190.
4. Paid salaries of $7,000.
5. Issued 1,060 shares of $1 par value common stock for equipment worth $9,570.
6. Sold equipment (cost $13,300, accumulated depreciation $10,640) for $4,256.
Solution

2. Journal Debit Credit 1 Bank $9,337 Loss on sale of land $1,867 Land $11,204 2 Bank $23,110
common stock $23,110 3 Depreciation $14,190 Building $14,190 4 Salaries $7,000 Bank $7,000
5 Equipment $9,570 Premium On issue of common stk $8,510 Common stock $1,060 6 Bank
$4,256 profit on sale of equipment $1,596 Equipment $2,660