Exercise 13-2 The following are selected 2017 transactions of Novak Corporation. Sept. 1 Purchased inventory from...
Exercise 13-2 The following are selected 2017 transactions of Blue Spruce Corporation. Sept. 1 Purchased inventory from Orion Company on account for $44,400. Blue Spruce uses a periodic inventory system and records purchases using the gross method of accounting for purchase discounts. Oct. 1 Issued a $44,400, 12-month, 9% note to Orion in payment of Blue Spruce’s account. 1 Borrowed $76,800 from the bank by signing a 12-month, non–interest-bearing $80,000 note. Prepare journal entries for the selected transactions above. (Credit...
Exercise 13-2 The following are selected 2017 transactions of Whispering Winds Corporation Purchased inventory from Orion Company on account for $42,900. Whispering Winds uses a periodic inventory system and records purchases using the gross method of accounting for purchase discounts. Issued a $42,900, 12-month, 8% note to Orion in payment of whispering winds's account. Borrowed $75,300 from the bank by signing a 12-month, non-interest-bearing $80,300 note. Sept. 1 Oct. 1 1 Prepare journal entries for the selected transactions above. (Credit...
Exercise 13-2
The following are selected 2017 transactions of Flint
Corporation.
Sept. 1
Purchased inventory from Encino Company on account for $39,400.
Flint records purchases gross and uses a periodic inventory
system.
Oct. 1
Issued a $39,400, 12-month, 8% note to Encino in payment of
account.
Oct. 1
Borrowed $39,400 from the Shore Bank by signing a 12-month,
zero-interest-bearing $42,720 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 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...
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...
Brief Exercise 22-6 In 2017, Novak Corporation discovered that equipment purchased on January 1, 2015, for $45,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 30%. Novak uses straight-line depreciation Prepare Novak's 2017 journal entry to correct the error. (Credit account tities are automatically Indented when amount is entered. Do not Indent manually. If no entry Is required, select "No Entry" for the account titles...
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 1 periodic inventory system. Oct. Issued a $40,200, 12-month, 8% note to Encino in payment of account. Borrowed $40,200 from the Shore Bank by signing a 12-month, zero-interest-bearing $44,240 note. Your answer is partially correct. 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...
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...