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General Accounting Discussions: Whats the correct journal entry or entries

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    • CommentAuthormurph1031
    • CommentTimeFeb 12th 2010 edited
     
    Hopefully someone can help me out here. Below is the problem I have.

    "On December 2, Magnum acquired various items of office equipment. The company was short of cash and could not pay the $5,500 normal cash price. The supplier agreed to accept 200 shares of the company's nopar common stock in exchange for the equipment. The market value of the stock is not readily determinable."

    I'm thinking it the following.
    Equipment 5,500 (dr)
    common stock 5,500 (cr)

    Am I close?
    Thanks for any help

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