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Topic: Non-monetary exchange JE, please help (

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austinlg
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Posted: 18 Apr 2011 at 22:24 \| IP Logged

Please follow the link to see the question. My trouble comes when I see the journal entry, and it's not even an entry in which debits equal credits. During the lecture, Garrity simply says, ".. And you can see your journal entry there." Can anyone help with this? I can't see how this works. Is this an error?

http://i.imgur.com/7gWuK.png

austinlg
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Posted: 18 Apr 2011 at 22:25 \| IP Logged

Any and all help is appreciated!

Varshirone
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Posted: 18 Apr 2011 at 22:38 \| IP Logged

I was confused at that as well. But it's a typo. Machine B should be 12, 500 since value of asset received = BV of asset given plus cash paid.

austinlg
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Posted: 18 Apr 2011 at 22:41 \| IP Logged

Thank you Varshirone. I'm not an asshole, but when you're stressing over something like the CPA exam, and spending a great amount of time and money trying to pass it, I don't think the Becker should let a typo slide like this. Thank you again for your help.

tamcpa
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Posted: 19 Apr 2011 at 12:01 \| IP Logged

Check Financial Course Updates for Becker. F2 was updated on 4/4/11

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