The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing:
20Y3 | ||
Nov. | 21 | Received from McKenna Outer Wear Co., on account, a $48,000, 60-day, 6% note dated November 21 in settlement of a past due account. |
Dec. | 31 | Recorded an adjusting entry for accrued interest on the note of November 21. |
20Y4 | ||
Jan. | 20 | Received payment of note and interest from McKenna Outer Wear Co. |
Journalize the entries to record the transactions. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year when calculating interest. Round answers to the nearest dollar amount.
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Chart of Accounts
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Journal
Journalize the entries to record the transactions for the year 20Y3. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year when calculating interest. Round answers to the nearest dollar amount.
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JOURNAL
ACCOUNTING EQUATION
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
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Journalize the entries to record the transactions for the year 20Y4. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year when calculating interest. Round answers to the nearest dollar amount.
PAGE 1
JOURNAL
ACCOUNTING EQUATION
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
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1 |
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The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers...
The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing: 20Y3 Nov. 21 Received from McKenna Outer Wear Co., on account, a $54,000, 60-day, 7% note dated November 21 in settlement of a past due account. Dec. 31 Recorded an adjusting entry for accrued interest on the note of November 21. 20Y4 Jan. 20 Received payment of note and interest from McKenna Outer Wear Co. Journalize the entries to record the transactions for the year 20Y3. If no entry...
The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing: 20Y3 Nov. 21. Received from McKenna Outer Wear Co., on account, a $96,000, 60-day, 3% note dated November 21 in settlement of a past due account. Recorded an adjusting entry for accrued interest on the note of November 21. Dec. 31. 2014 Jan. 20. Received payment of note and interest from McKenna Outer Wear Co. Journalize the entries to record the transactions....
The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1 2 5 Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $28,800. Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/eom. The cost of the goods sold was...
The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. 1 Purchased merchandise on account from Kirkwood Co., $390,000, terms n/30. 31 Issued a 30-day, 10% note for $390,000 to Kirkwood Co., on account. Apr. 30 Paid Kirkwood Co. the amount owed on the note of March 31. Jun. 1 Borrowed $156,000 from Triple Creek Bank, issuing a 45-day, 8% note. Jul. 1 Purchased tools by issuing a $216,000, 60-day note to...
structions The following items were selected from among the transactions completed by Sherwood Co. during the current year. Mar. 1 31 Apr. Jun. 30 1 Purchased merchandise on account from Kirkwood Co., $300,000, terms 1/30. Issued a 30-day, 4% note for $300,000 to Kirkwood Co., on account. Paid Kirkwood Co. the amount owed on the note of March 31 Borrowed 5156,000 from Triple Creek Bank, issuing a 45-day, 4% note. Purchased tools by issuing a $228,000, 60-day note to Poulin...
The following selected transactions were completed during August between Summit Co. and Beartooth Co. Aug. 1 Summit Co. sold merchandise on account to Beartooth Co., $52,150, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $25,940. 2 Summit Co. paid freight of $1,235 for delivery of merchandise sold to Beartooth Co. on August 1. 5 15 16 20 Summit Co. sold merchandise on account to Beartooth Co., $60,090, terms FOB shipping point, n/eom. The cost of the...
The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1 Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $28,800. 2 Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/eom. The cost of the goods sold was...
The following selected transactions were completed during August between Summit Company and Beartooth Co. Both companies use the net method under a perpetual inventory system. Aug. 1 Summit Company sold merchandise on account to Beartooth Co., $49,050, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $28,370. 2 Summit Company paid freight of $1,160 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Company sold merchandise on account to Beartooth Co., $68,590, terms...
PLEASE HELP.....Read the information very carefully! The following items were selected from among the transactions completed by Sherwood Co. during the current year Purchased merchandise on account from Kirkwood Co., $402,000, terms n/30 Мaг. 1 Issued a 30-day, 4% note for $402,000 to Kirkwood Co., on account 31 Apr 30 Paid Kirkwood Co. the amount owed on the note of March 31 Borrowed $186,000 from Triple Creek Bank, issuing a 45-day, 4 % note. Jun Jul 1 Purchased tools by...
The following were selected from among the transactions completed by Babcock Company during November of the current year. Babcock uses the net method under a perpetual inventory system. Nov. 3 Purchased merchandise on account from Moonlight Co., list price $85,000, trade discount 25%, terms FOB destination, 2/10, n/30. 4 Sold merchandise for cash, $37,680. The cost of goods sold was $22,600 5 Purchased merchandise on account from Papoose Creek Co., $47,500, terms FOB shipping point, 2/10, n/30, with prepaid freight...