Use the General journal page below to prepare the journal entries for the following transactions involving...
Homework Answers
| Date | Account titles & explanations | Debit | Credit | |||||
| 1-Apr | Cash | 5,000 | ||||||
| notes payable | 5,000 | |||||||
| 6-May | Cash | 3,000 | ||||||
| Notes payable | 3,000 | |||||||
| 30-Jun | Notes payable | 5,000 | ||||||
| interest expense | 63 | |||||||
| cash | 5063 | |||||||
| 5-Jul | Notes payable | 3,000 | ||||||
| interest expense | 15 | |||||||
| cash | 3015 | |||||||
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Use
the General journal page below to prepare the journal entries for
the following transactions involving...
Journal Entries for Accounts Payable and Notes Payable Geary Company had the following P10-1B. transactions: Apr....
Journal Entries for Accounts Payable and Notes Payable Geary Company had the following P10-1B. transactions: Apr. 15 Issued a $6,000, 60-day, eight percent note payable in payment of an account with Marion Company. 22 Borrowed $50,000 from Sinclair Bank, signing a 60-day note at nine percent. 14 Paid Marion Company the principal and interest due on the April 15 note payable. 13 Purchased $15,000 of merchandise from Sharp Company; signed a 90-day note with eight percent interest. 21 Paid the...
4.40 8.9 9.10 PROBLEMS-SET A P10-1A. Journal Entries for Accounts and Notes Payable Lyon Company had the followi...
4.40 8.9 9.10 PROBLEMS-SET A P10-1A. Journal Entries for Accounts and Notes Payable Lyon Company had the following transactions: 8 Issued a 6,000, 60-day, six percent note payable in payment of an account with Bennett Company. 15 Borrowed $40,000 from Lincoln Bank, signing a 60-day note at nine percent. 7 Paid Bennett Company the principal and interest due on the April 8 note payable. 6 Purchased $14,000 of merchandise from Bolton Company; signed a 90-day note with LO1 Аpг. MBC...
Problem 9-1A Short-term notes payable transactions and entries LO P1 [The following information applies to the...
Problem 9-1A Short-term notes payable transactions and entries LO P1 [The following information applies to the questions displayed below.] Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $35,500 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,000 note payable along with paying $500 in cash. July 8 Borrowed $63,000 cash from NBR Bank by signing a 120-day, 11%, $63,000...
payabie transactions and entries LO P (The following information applies to the questions displayed below Tyrell...
payabie transactions and entries LO P (The following information applies to the questions displayed below Tyrell Co entered into the following transactions involving short term liabities Year 1 Apr. 20 Purchaned S38,500 of xerchandise on credit from Locust, tems n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 83, $35, 000 note payable along with paying $3,500 in cash. July 8 Borrowed $54,000 cash from NBR Bank by signing a 120-day, 124, $54,000 note payable....
XI Required information Problem 9-1A Short-term notes payable transactions and entries LO P1 The following i...
XI Required information Problem 9-1A Short-term notes payable transactions and entries LO P1 The following information applies to the questions displayed below. Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $39,000 of merchandise on credit from Locust, terms n/30. 19 Replaced the April 20 account payable to Locust with a 90-day, 98, $35,000 note payable along with paying $4, 000 in cash. May July 8 Borrowed $57,000 cash from NBR Bank by signing...
Tyrell Co. entered into the following transactions involving short-term liabilities in 2017 and 2018. 2017 Apr....
Tyrell Co. entered into the following transactions involving
short-term liabilities in 2017 and 2018.
2017
Apr.
20
Purchased $38,000 of merchandise on credit from Locust, terms
n/30. Tyrell uses the perpetual inventory system.
May
19
Replaced the April 20 account payable to Locust with a 90-day,
$35,000 note bearing 9% annual interest along with paying $3,000 in
cash.
July
8
Borrowed $54,000 cash from NBR Bank by signing a 120-day, 10%
interest-bearing note with a face value of $54,000.
__?__...
Required information [The following information applies to the questions displayed below) Tyrell Co. entered into the...
Required information [The following information applies to the questions displayed below) Tyrell Co. entered into the following transactions involving short-term liabilities Year 1 Apr. 20 Purchased $38,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 7%, 535,200 note payable along with paying $3,000 in cash. July 8 Borrowed $60,000 cash from NSR Bank by signing a 120day, 12%, $60,000 note payable. ? Paid the amount due on...
Che Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchase...
Che Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $36,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 9% , $ 35 ,000 note payable along with paying $1,e00 in cash. July 8 Borrowed $57,e00 cash from NBR Bank by signing a 120-day, 11%, $57,eee note payable. Paid the amount due on the note to Locust at the maturity date....
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr....
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr. 20 Purchased $37,000 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual May 19 Replaced the April 20 account payable to Locust with a 90-day, S35.000 note bearing 8% annual July 8 Borrowed $69,000 cash from NBR Bank by signing a 120-day, 10% interest-bearing note with a face inventory system. interest along with paying $2,000 in cash. value of $69, 000....
The Gaynor Company had the following transactions involving notes payable during 2019. 7 Jan. 15 Purchased...
The Gaynor Company had the following transactions involving notes payable during 2019. 7 Jan. 15 Purchased office equipment from Corporate Outfitters and issued a 180- day, 10 percent note for $21,000. Apr. 10 Borrowed $14,000 at 12 percent from the Guarantee Bank by discounting a 60-day note payable. June 9 Paid the note due Guarantee Bank. July 14 Paid the note due Corporate Outfitters. Prepare the entries in general journal form to record these transactions. (Assume 360 days in a...
Journal Entries for Accounts Payable and Notes Payable Geary Company had the following P10-1B. transactions: Apr. 15 Issued a $6,000, 60-day, eight percent note payable in payment of an account with Marion Company. 22 Borrowed $50,000 from Sinclair Bank, signing a 60-day note at nine percent. 14 Paid Marion Company the principal and interest due on the April 15 note payable. 13 Purchased $15,000 of merchandise from Sharp Company; signed a 90-day note with eight percent interest. 21 Paid the...
4.40 8.9 9.10 PROBLEMS-SET A P10-1A. Journal Entries for Accounts and Notes Payable Lyon Company had the following transactions: 8 Issued a 6,000, 60-day, six percent note payable in payment of an account with Bennett Company. 15 Borrowed $40,000 from Lincoln Bank, signing a 60-day note at nine percent. 7 Paid Bennett Company the principal and interest due on the April 8 note payable. 6 Purchased $14,000 of merchandise from Bolton Company; signed a 90-day note with LO1 Аpг. MBC...
Problem 9-1A Short-term notes payable transactions and entries LO P1 [The following information applies to the questions displayed below.] Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $35,500 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,000 note payable along with paying $500 in cash. July 8 Borrowed $63,000 cash from NBR Bank by signing a 120-day, 11%, $63,000...
payabie transactions and entries LO P (The following information applies to the questions displayed below Tyrell Co entered into the following transactions involving short term liabities Year 1 Apr. 20 Purchaned S38,500 of xerchandise on credit from Locust, tems n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 83, $35, 000 note payable along with paying $3,500 in cash. July 8 Borrowed $54,000 cash from NBR Bank by signing a 120-day, 124, $54,000 note payable....
XI Required information Problem 9-1A Short-term notes payable transactions and entries LO P1 The following information applies to the questions displayed below. Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $39,000 of merchandise on credit from Locust, terms n/30. 19 Replaced the April 20 account payable to Locust with a 90-day, 98, $35,000 note payable along with paying $4, 000 in cash. May July 8 Borrowed $57,000 cash from NBR Bank by signing...
Tyrell Co. entered into the following transactions involving
short-term liabilities in 2017 and 2018.
2017
Apr.
20
Purchased $38,000 of merchandise on credit from Locust, terms
n/30. Tyrell uses the perpetual inventory system.
May
19
Replaced the April 20 account payable to Locust with a 90-day,
$35,000 note bearing 9% annual interest along with paying $3,000 in
cash.
July
8
Borrowed $54,000 cash from NBR Bank by signing a 120-day, 10%
interest-bearing note with a face value of $54,000.
__?__...
Required information [The following information applies to the questions displayed below) Tyrell Co. entered into the following transactions involving short-term liabilities Year 1 Apr. 20 Purchased $38,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 7%, 535,200 note payable along with paying $3,000 in cash. July 8 Borrowed $60,000 cash from NSR Bank by signing a 120day, 12%, $60,000 note payable. ? Paid the amount due on...
Che Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $36,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 9% , $ 35 ,000 note payable along with paying $1,e00 in cash. July 8 Borrowed $57,e00 cash from NBR Bank by signing a 120-day, 11%, $57,eee note payable. Paid the amount due on the note to Locust at the maturity date....
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr. 20 Purchased $37,000 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual May 19 Replaced the April 20 account payable to Locust with a 90-day, S35.000 note bearing 8% annual July 8 Borrowed $69,000 cash from NBR Bank by signing a 120-day, 10% interest-bearing note with a face inventory system. interest along with paying $2,000 in cash. value of $69, 000....
The Gaynor Company had the following transactions involving notes payable during 2019. 7 Jan. 15 Purchased office equipment from Corporate Outfitters and issued a 180- day, 10 percent note for $21,000. Apr. 10 Borrowed $14,000 at 12 percent from the Guarantee Bank by discounting a 60-day note payable. June 9 Paid the note due Guarantee Bank. July 14 Paid the note due Corporate Outfitters. Prepare the entries in general journal form to record these transactions. (Assume 360 days in a...
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