E13.2 (LO 1) (Accounts and Notes Payable) The following areselected 2020 transactions of Astin Corporation....
E13.2 (LO 1) (Accounts and Notes Payable) The following are selected 2020 transactions of Astin Corporation.
| Sept. 1 | Purchased inventory from Encino Company on account for $50,000. Astin records purchases gross and uses a periodic inventory system. | |
| Oct. 1 | Issued a $50,000, 12-month, 8% note to Encino in payment of account. | |
| Oct. 1 | Borrowed $50,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $54,000 note. |
Instructions
a. Prepare journal entries for the selected transactions above.
b. Prepare adjusting entries at December 31.
c. Compute the total net liability to be reported on the December 31 balance sheet for:
1. The interest-bearing note.
2. The zero-interest-bearing note.
Homework Answers
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E13.2 (LO 1) (Accounts and Notes Payable) The following areselected 2020 transactions of Astin Corporation....
E13-2 (L01) EXCEL (Accounts and Notes Payable) The following are selected 2017 transactions of Sean Astin Corporation.
E13-2 (L01) EXCEL (Accounts and Notes Payable) The following are selected 2017 transactions of Sean Astin Corporation. Sept.1 Purchased inventory from Encino Company on account for $50,000. Astin records purchases gross and uses a periodic inventory system. Oct. 1 Issued a $50,000, 12-month.8% note to Encino in payment of account Oct. 1 Borrowed 550,000 from the Shore Bank by signing a 12-month, zero-interest-bearing 554,000 note. Instructions (a) Prepare journal entries for the selected transactions above. (b) Prepare adjusting entries at December 31. (c) Compute the total net...
Exercise 13-02 The following are selected 2020 transactions of Astin Corporation. Sept. 1 Oct. 1 Oct....
Exercise 13-02 The following are selected 2020 transactions of Astin Corporation. Sept. 1 Oct. 1 Oct. 1 Purchased inventory from Encino Company on account for $50,000. Astin records purchases gross and uses a periodic inventory system. Issued a $50,000, 12-month, 8% note to Encino in payment of account. Borrowed $50,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $54,000 note. Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account...
The following are selected 2020 transactions of Culver Corporation. Sept. 1 Purchased inventory from Encino Company...
The following are selected 2020 transactions of Culver Corporation. Sept. 1 Purchased inventory from Encino Company on account for $54,800. Culver records purchases gross and uses a periodic inventory system. Oct. 1 Issued a $54,800, 12-month, 8% note to Encino in payment of account. Oct. 1 Borrowed $54,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $59,640 note.Prepare adjusting entries at December 31. Compute the total net liability to be reported on the December 31 balance sheet for: (1)...
Exercise 13-02 The following are selected 2020 transactions of Pina Corporation. Sept. 1 Purchased inventory from...
Exercise 13-02
The following are selected 2020 transactions of Pina
Corporation.
Sept. 1
Purchased inventory from Encino Company on account for $56,000.
Pina records purchases gross and uses a periodic inventory
system.
Oct. 1
Issued a $56,000, 12-month, 8% note to Encino in payment of
account.
Oct. 1
Borrowed $56,000 from the Shore Bank by signing a 12-month,
zero-interest-bearing $61,040 note.
Prepare journal entries for the selected transactions above.
Prepare adjusting entries at December 31
Compute the total net liability...
The following are selected 2020 transactions of Indigo Corporation. Sept. 1 Purchased inventory from Encino Company...
The following are selected 2020 transactions of Indigo Corporation. Sept. 1 Purchased inventory from Encino Company on account for $55,600. Indigo records purchases gross and uses a periodic inventory system. Oct. 1 Issued a $55,600, 12-month, 8% note to Encino in payment of account. Oct. 1 Borrowed $55,600 from the Shore Bank by signing a 12-month, zero-interest-bearing $59,960 note. Compute the total net liability to be reported on the December 31 balance sheet for: (1) The interest-bearing note $enter a...
The following are selected 2020 transactions of Crane Corporation. Sept. 1 Purchased inventory from Encino Company...
The following are selected 2020 transactions of Crane Corporation. Sept. 1 Purchased inventory from Encino Company on account for $37,600. Crane records purchases gross and uses a periodic inventory system. Oct. 1 Issued a $37,600, 12-month, 8% note to Encino in payment of account. Oct. 1 Borrowed $37,600 from the Shore Bank by signing a 12-month, zero-interest-bearing $41,680 note. Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and...
The following are selected 2020 transactions of Crane Corporation. Sept. 1 Purchased inventory from Encino Company...
The following are selected 2020 transactions of Crane
Corporation.
Sept. 1
Purchased inventory from Encino Company on account for $37,600.
Crane records purchases gross and uses a periodic inventory
system.
Oct. 1
Issued a $37,600, 12-month, 8% note to Encino in payment of
account.
Oct. 1
Borrowed $37,600 from the Shore Bank by signing a 12-month,
zero-interest-bearing $41,680 note.
Prepare journal entries for the selected transactions above.
(If no entry is required, select "No Entry" for the
account titles and...
The following are selected 2020 transactions of Stellar Corporation. Sept. 1 Purchased inventory from Encino Company...
The following are selected 2020 transactions of Stellar
Corporation.
Sept. 1
Purchased inventory from Encino Company on account for $47,400.
Stellar records purchases gross and uses a periodic inventory
system.
Oct. 1
Issued a $47,400, 12-month, 8% note to Encino in payment of
account.
Oct. 1
Borrowed $47,400 from the Shore Bank by signing a 12-month,
zero-interest-bearing $52,040 note.
Part 1 Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account...
The following are selected 2020 transactions of Teal Corporation. Sept. Purchased inventory from Encino Company...
The following are selected 2020 transactions of Teal Corporation. Sept. Purchased inventory from Encino Company on account for $40,200. Teal records purchases gross and uses a periodic inventory system. 1 Oct. Issued a $40,200, 12-month, 8 % note to Encino in payment of account. Oct. Borrowed $40,200 from the Shore Bank by signing a 12-month, zero-interest-bearing $44,240 note. 1 Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and...
Exercise 13-02 The following are selected 2020 transactions of Cullumber Corporation. Sept. 1 Oct. 1 Oct....
Exercise 13-02 The following are selected 2020 transactions of Cullumber Corporation. Sept. 1 Oct. 1 Oct. 1 Purchased inventory from Encino Company on account for $50,800. Cullumber records purchases gross and uses a periodic inventory system. Issued a $50,800, 12-month, 8% note to Encino in payment of account. Borrowed $50,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $55,160 note. Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account...
Exercise 13-02 The following are selected 2020 transactions of Astin Corporation. Sept. 1 Oct. 1 Oct. 1 Purchased inventory from Encino Company on account for $50,000. Astin records purchases gross and uses a periodic inventory system. Issued a $50,000, 12-month, 8% note to Encino in payment of account. Borrowed $50,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $54,000 note. Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account...
Exercise 13-02
The following are selected 2020 transactions of Pina
Corporation.
Sept. 1
Purchased inventory from Encino Company on account for $56,000.
Pina records purchases gross and uses a periodic inventory
system.
Oct. 1
Issued a $56,000, 12-month, 8% note to Encino in payment of
account.
Oct. 1
Borrowed $56,000 from the Shore Bank by signing a 12-month,
zero-interest-bearing $61,040 note.
Prepare journal entries for the selected transactions above.
Prepare adjusting entries at December 31
Compute the total net liability...
The following are selected 2020 transactions of Crane
Corporation.
Sept. 1
Purchased inventory from Encino Company on account for $37,600.
Crane records purchases gross and uses a periodic inventory
system.
Oct. 1
Issued a $37,600, 12-month, 8% note to Encino in payment of
account.
Oct. 1
Borrowed $37,600 from the Shore Bank by signing a 12-month,
zero-interest-bearing $41,680 note.
Prepare journal entries for the selected transactions above.
(If no entry is required, select "No Entry" for the
account titles and...
The following are selected 2020 transactions of Stellar
Corporation.
Sept. 1
Purchased inventory from Encino Company on account for $47,400.
Stellar records purchases gross and uses a periodic inventory
system.
Oct. 1
Issued a $47,400, 12-month, 8% note to Encino in payment of
account.
Oct. 1
Borrowed $47,400 from the Shore Bank by signing a 12-month,
zero-interest-bearing $52,040 note.
Part 1 Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account...
The following are selected 2020 transactions of Teal Corporation. Sept. Purchased inventory from Encino Company on account for $40,200. Teal records purchases gross and uses a periodic inventory system. 1 Oct. Issued a $40,200, 12-month, 8 % note to Encino in payment of account. Oct. Borrowed $40,200 from the Shore Bank by signing a 12-month, zero-interest-bearing $44,240 note. 1 Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and...
Exercise 13-02 The following are selected 2020 transactions of Cullumber Corporation. Sept. 1 Oct. 1 Oct. 1 Purchased inventory from Encino Company on account for $50,800. Cullumber records purchases gross and uses a periodic inventory system. Issued a $50,800, 12-month, 8% note to Encino in payment of account. Borrowed $50,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $55,160 note. Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account...
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