Question

e) On November 30, Dizzy Controls Inc. borrowed $600,000 cash from its bank and signed a two-year promissory note bearing 7.4% annual interest due on the last day of the month. DATE ACCOUNT NAMES DEBIT CREDIT On November 29, Dizzy Controls Inc. issued a check for $82,400 to its accountant, Cooper Lybrand, for accounting services used to setup the company. DATE ACCOUNT NAMES DEBIT CREDIT On December 1, Dizzy Controls Inc. signed a two-year contract with Deluca Fix-it Corp. for monthly I a check for $2,750 for December maintenance services. DATE ACCOUNT NAMES DEBIT CREDIT h) On December 3, Dizzy Controls Inc. received a delivery of office equipment that it purchased at a total cost of $640,000. Dizzy Controls Inc. Immediately issued a check for $480,000 to its supplier and agreed to pay the remaining $160,000 balance in 30 days. DATE ACCOUNT NAMES DEBIT CREDIT

Answer 1

QN	Date	Partiiculars	Debit	Credit
e	30-Nov	Cash	$ 6,00,000.00
		Notes payable		$    6,00,000.00
f	29-Nov	Cooper Lybrand	$     82,400.00
		Bank A/C		$        82,400.00
g	31-Dec	Deluka fix it incorp	$        2,750.00
		Bank A/C		$          2,750.00
h	03-Dec	Office equipment	$ 6,40,000.00
		Bank A/C		$    4,80,000.00
		Notes payable		$    1,60,000.00
i	03-Dec	Office equipment	$        3,500.00
		Bank A/C		$          3,500.00
j	04-Dec	Office Supplies	$     22,500.00
		Notes Payble		$        22,500.00
k	09-Dec	Notes Receivables	$     96,000.00
		Lawerance Enterprizes		$        96,000.00
l	15-Dec	Hatch Properties	$        7,500.00
		Cash A/C		$          7,500.00