Calculation of interest: | |||||||
Aug 17,Hall notes: | |||||||
Principal | 39000 | ||||||
Interest rate | 8% | ||||||
Number of days interest to be recorded in Year 1 | 90 | ||||||
Interest expense | (39000*8%*90/360) | 780 | |||||
Nov 5,NJR bank note: | |||||||
Principal | 93000 | ||||||
Interest rate | 12% | ||||||
Number of days interest to be recorded in Year 1 | 120 | ||||||
Interest expense | (93000*12%*120/360) | 3720 | |||||
Jan 27,Sacremento bank note: | |||||||
Principal | 54000 | ||||||
Interest rate | 12% | ||||||
Number of days interest to be recorded in Year 1 | |||||||
(Nov 28 to Dec 31) | 34 | ||||||
Interest expense | (54000*12%*34/360) | 612 | |||||
Schedule of payables: | |||||||
Schedule of accounts payable | |||||||
$ | |||||||
Total accounts payable | 0 | ||||||
Schedule of notes payable | |||||||
$ | |||||||
Total notes payable | 54000 | ||||||
(Sacremento bank due on year 2) | |||||||
Year 2 payment: | |||||||
Date | Account titles | Debit | Credit | ||||
1/27/Year 2 | Interest expense | (54000*12%*26/360) | 468 | ||||
Interest payable | (54000*12%*34/360) | 612 | |||||
Note payable | 54000 | ||||||
Cash | 55080 | ||||||
(Note repaid on maturity) | |||||||
Help Seve The January 1 Year 1 trial balance for the Gonzalez Company is found on...
The January 1, Year 1 trial balance for the Gonzalez Company is found on the trial balance tab. The beginning balances are assumec Wright Co. entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year : Apr. May July Aug. Nov. Nov. Dec. 20 Purchased 542,250 of merchandise on credit from Hall, terms n/30. 19 Replaced the April 20 account payable to Hall with a 90-day, 85, $39,000 note payable along with paying $3,250 in cash....
GL901 - Based on Problem 9-1A LO C2, P1 The January 1, Year 1 trial balance for the Gonzalez Company is found on the trial balance tab. The beginning balances are assumed. Wright Co. entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year 1 Apr. May July Aug. Nov. 20 Purchased $42,250 of merchandise on credit from Hall, terms n/30. 19 Replaced the April 20 account payable to Hall with a 90-day, 8%, $39,000 note...
Saved GL901 - Based on Problem 9-1A LO C2, P1 The January 1 Year 1 trial balance for the Gonzalez Company is found on the trial balance tab. The beginning balances are assumed. Wright Co. entered into the following transactions involving short-term liabilities (Use 360 days a year.) Year 1 Apr. May July Aug. Nov. Nov. Dec. 20 Purchased $42,250 of merchandise on credit from Mall, teras n/30. 19 Replaced the April 2e account payable to Hall with a 90-day,...
The January 1, Year 1 trial balance for the Carter Company is found on the trial balance tab. The beginning balances are assumed. Gonzalez Co. entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year 1 Apr. 20 Purchased $49,750 of merchandise on credit from Nguyen, terms n/30. May 19 Replaced the April 20 account payable to Nguyen with a 90-day, 8%, $38,000 note payable along with paying $11,750 in cash. July 8 Borrowed $102,000 cash...
The January 1, 2016 trial balance for the North Company is found on the trial balance tab. The beginning balances are assumed King Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. (Use 360 days a year.) 2016 Apr. 20 Purchased $46,250 of merchandise on credit from Turner, terms are n/30. King uses the perpetual inventory system with paying $7,250 in cash. $117,000 May 19 Replaced the April 20 account payable to Turner with a 90-day,...
The January 1, 2016 trial balance for the Tyrell Company is found on the trial balance tab. The beginning balances are assumed. Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 Prepare the journal entries related to notes and accounts payable. The January 1, 2016 trial balance for the Tyrell Company is found on the trial balance tab. The beginning balances are assumed Tyrell Co. entered into the following transactions involving short-term liabilities in 2016...
GL901 - Based on Problem 9-1A LO C2, P1 The January 1, Year 1 trial balance for the Walsh Company is found on the trial balance tab. The beginning balances are assumed. Taylor Co. entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year Apr. May July Aug. Nov. Nov. Dec. 20 Purchased $54,250 of merchandise on credit from Parker, terms n/30. 19 Replaced the April 20 account payable to Parker with a 90-day, 12%, $39,000...
GL0901 - Based on Problem 9-1A LO C2, P1 The January 1, 2016 trial balance for the Nguyen Company is found on the trial balance tab. The beginning balances are assumed. Hall Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. (Use 360 days a year.) 2016 Apr. 20 Purchased $54,750 of merchandise on credit from Lee, terms are n/30. Hall uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Lee...
GL901 - Based on Problem 9-1A LO C2, P1 The January 1, Year 1 trial balance for the Carter Company is found on the trial balance tab. The beginning balances are assumed. Gonzalez Co. entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year 1 Apr. 20 Purchased $49,750 of merchandise on credit from Nguyen, terms n/30. May 19 Replaced the April 20 account payable to Nguyen with a 90-day, 8%, $38,000 note payable along with...
ca Vista C GL0901-Based on Problem 9-1A LO C2, P1 The January 1,2016 trial balance for the Perry Company is found on the trial balance tab. The beginning balances are assumed North Co. entered into the following transactions involving short-term liabilities in 2016 and 2 2016 Apr. 20 Purchased $53,750 of merchandise on credit from Garcia, terns are a/30. North uses the pe 017. (Use 360 days a year) rpetual inventory May 19 Replaced the Apri1 20 account payable to...