Purchase Of Asset Double Entry In Travis

Category:

Small Business - Business Sale

State:

Multi-State

County:

Travis

Control #:

US-00418

Format:

Instant download

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Description

This form is an Asset Purchase Agreement. The buyer agrees to purchase from the seller certain assets which are listed in the agreement. The form also provides a listing of certain assets which will be excluded from the sale. The form must be signed in the presence of a notary public.

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Travis Company would record a debit to inventory and a credit to accounts payable. Upon payment within the discount period, Travis would debit accounts payable.We define what intangible assets are, and explain the key differences between accounting for tangible and intangible assets. We're going to see a few basic transactions and walk you through how they impact our accounting equation. Has a machine with a book value of \(940,000. The journal entries given are for Travis Company's purchase of merchandise on account.

Purchase Of Asset Double Entry In Travis

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