Oriole Company built a warehouse for $524,700. It could have purchased the building for $614,800. The controller made the following entry. Buildings 614,800 Cash, Materials, Other Accounts 524,700 Profit on Construction 90,100 Prepare the entry that should have been made to record the acquisition.

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Question:

Oriole Company built a warehouse for $524,700. It could have purchased the building for $614,800. The controller made the following entry. Buildings 614,800 Cash, Materials, Other Accounts 524,700 Profit on Construction 90,100 Prepare the entry that should have been made to record the acquisition.

Answers

Answer:Building A/c Dr $524,700     To Cash A/c $524,700(Being the acquisition of building is recorded)Explanation:The journal entry is shown below:Building A/c Dr $524,700     To Cash A/c $524,700(Being the acquisition of building is recorded)Since the acquisition is made which increase the fixed asset so we debited the fixed assets account and credited the cash account because cash is gone for acquiring itAll other information which is mentioned is not important. Therefore, ignore d it

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