Journal Entries | ||||||
Sr. No. | Date | Account Title and explanation | Debit | Credit | ||
1 | March 03, 2017 | Inventory | $ 41,500 | |||
10% Note Payable | $ 41,500 | |||||
Cash | $ 50,000 | |||||
2 | Apil 30. 2017 | 15% Note Payable | $ 50,000 | |||
3 | September 03, 2017 | 10% Note Payable | $ 41,500 | |||
Interest Expenses ($ 41,500 X 10% X 6 / 12 Month) | $ 2,075 | |||||
Cash | $ 43,575 | |||||
4 | December 31, 2017 | Warranty Expenses ($ 196,000 X 5.5 % ) | $ 10,780 | |||
Estimated of Warranty Liabilities | $ 10,780 | |||||
5 | December 31, 2017 | Interest Expenses ($ 50,000 X 15% X 8 / 12 Month) | $ 5,000 | |||
Interest Payable | $ 5,000 | |||||
Interest Payable | $ 5,000 | |||||
6 | April 30, 2018 | Interest Expenses ($ 50,000 X 15% X 4 / 12 Month) | $ 2,500 | |||
15% Note Payable | $ 25,000 | |||||
Cash | $32,500 | |||||
Transactions 2017 Mar. Apr. 3 Purchased a Steinway piano (inventory) for $41,500, signing a six-month, 10%...
This Question: 18 pts 19 of 27 (4 completej > This Quiz: 100 pts possible i Transactions The following transactions of Violin Music Company occurred during 2017 and 2018: (Click the icon to view the transactions.) Requirement Record the transactions in Violin's Journal. Explanations are not required. Requirement. Record the transactions in Violin's journal. (Record debits first, then credits. Explanations are not required.) Purchased a Steinway piano (Inventory) for $40,500, signing a six month, 10% note. 2017 Mar. 3 Purchased...
PLease answer the last three journal enteries The following transactions of My Tunes Music Company occurred during 2018 and 2019 1 (Click the icon to view the transactions.) 1. Record the transactions in My Tunes' journal. Explanations are not required. Date Accounts Debit Credit 2018 Dec 31 6850 d Warranty Payable 6860 Transactions Dec 31: Accrued interest on the outstanding note payable. 2018 Mar Journal Ent 3 Purchased a piano (inventory) for $55,000, signing a six-month, 896 note payable. Borrowed...
Hi, please help with the question below. Make sure you follow the three requirements: 1. Answer the question only in the case that you can make sure you would answer them all 2. Choose the title for each column from my picture (I have posted the options for you, so just choose it, don't make it up by yourself) 3. Strictly follow the format of the chart below to answer the question. The following transactions of Penny and Dime Marine...
Hi, please help with the below question. I have posted the option that you can choose for the column, and make sure you follow the format as been listed in the chart below! Only answer the question in the case that you can make sure you would answer them all! Thank you! The following transactions of Penny and Dime Marine Supply occurred during 2018 and 2019: (Click the icon to view the transactions.) Requirement 1. Record the transactions in the...
Jasper Sports Limited purchased inventory costing $10,000 by signing a 10% short-term note payable. The purchase occurred on March 31, 2017. Jasper pays annual interest each year on March 31. Journalize Jasper's (a) purchase of inventory, (b) accrual of interest expense on December 31, 2017, and (c) payment of the note plus interest on March 31, 2018. Journalize Jasper's purchase of inventory. (Record debits first, then credits. Explanations are not required. Round your answers to the nearest whole number.) Journal...
The following transactions of Seattle Pharmacies occurred during 2017 and 2018: (Click the icon to view the transactions.) Journalize the transactions in Seattle's general journal. Explanations are not required. Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Jan. 9, 2017: Purchased computer equipment at a cost of $9,000, signing a six-month, 8% note payable for that amount. Date Accounts Debit Credit Jan. 9 * More Info 2017 Jan. 9Purchased computer equipment at a...
S8-4 (similar to) On April 1, 2019, Wayne Company purchased inventory costing $95,000 by signing a 6% , nine -month, short-term note payable. Wayne will pay the entire note (principal and interest) on the note's maturity date. Journalize the company's (a) purchase of inventory; and (b) accnual of interest on the note payable on October 31, 2019. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Joumalize the company's purchase of inventory Journal Entry Debit Credit Accounts...
Tyrell Co. entered into the following transactions involving short-term liabilities in 2017 and 2018. 2017 Apr. 20 Purchased $35,500 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 $500 in cash. July 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 10% interest-bearing note with a face value of $66,000. __?__...
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. __?__...
Score: 0 of 2 pts 3 of 4 (1 complete) P9-38A (similar to) The following transactions of Denver Marine Supply occurred during 2018 and 2019: i (Click the icon to view the transactions.) Requirement 1. Record the transactions in the company's journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries. Round amounts to the nearest whole dollar.) Begin by journalizing the 2018 transactions, starting with the purchase of equipment on February 3, Feb...