Help please with intermediate accounting work?

Please help, this is the last question I have for my intermediate accounting class before my final. The schools net tutor is down and I need to turn this in by midnight.





Entries for Equipment Acquisitions


Jane Geddes Engineering Corporation purchased conveyor equipment with a list price of $10,000. Presented below are three independent cases related to the equipment.





a)Geddes paid cash for the equipment 8 days after the purchase.The vendors credit terms are 2/10,n/30. Assume that equipment purchases are recorded gross.





b.Geddes traded in equipment with a book value of $2,000 (initial cost $8,000), and paid $9,500 in cash one month after the purchase. The old equipment could have been sold for $400 at the date of trade. (The exchange has commerial substance)





c. Geddes gave the vendor a $10,800 zero-interest-bearing note for the equipment on the date of purchase. The note was due in one year and was paid on time. Assume that the effective interest rate in the market was 9%

Help please with intermediate accounting work?
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