Question

Record the following the Journal. Lowang transactions in the White Company - ganet 1. On February 12, 2019 the Whi issued a $35,000, 6-month, nonint 2019 the White Company pohased againt and 9. 6month, nonintarestbong note on the mount ate. The note was gented at 10% discount. March 5, 2019 the White Company sold merchandise and accepted $9,000, 4-month, 88 note for the amount duo. 3. On June 5, 2019 the White Company received payment on the note in On June 12, 2019 the White Company made payment on the note in #1.

Answer 1

Jorunal entries:-

On feb 12).   Equipment A/c Dr. $35000

To vendor/ creditor personal A/c. $35000

For bill accepatance:-

feb12. Creditor personal A/c Dr. $35000

To B/p (note) A/c. $35000

2) March 14 :- ( for sales)

Merchandise. A/c Dr. $9000

To sales. A/c. $9000

10% B/R (note ) A/c. Dr. $9000

To merchandise A/c. $9000

3) june 5 ( for amount received)

Bank A/c. Dr. $9000

To 10% note A/ c. $9000

4) june 12 ( for payment made )

Note (B/p) A/c. Dr.    $ 35000

To Bank A/c. $34650

To Discount received A/c . $350