1 computer for $12 000 on Space Age Computers Ltd. The serial no. was JVX 1302 Jan. March 15 Equipment valued on the books at $325 was sold at that price to Anne Maynard, who agreed to pay in 30 days April 17 Furniture valued at $420 on the books was sold for $540 on credit to C. Jason 21 Dennis Chung, who was a debtor for $290, died of a heart attack. Jackson decided to write off the debt as a June gesture of sympathy to his family 25 S.T. Lau & Co., a debtor for $420, went bankrupt. On liquidation they were able to pay only $0.25 in the dollar. Jackson received a cheque for this amount. The rest was July written off as a bad debt 15 Office machinery valued at $850 was sold for $730 on credit to Browne & Co. Nov. 10 Jenn Dade, whose debt of $320 was Oct. written off some time ago, sent a cheque for $335 representing repayment of the debt with interest 31 The microcomputer purchased by Jackson on 1 January is to be Dec.

1 computer for $12 000 on Space Age Computers Ltd. The serial no. was JVX 1302 Jan. March 15 Equipment valued on the books at $325 was sold at that price to Anne Maynard, who agreed to pay in 30 days April 17 Furniture valued at $420 on the books was sold for $540 on credit to C. Jason 21 Dennis Chung, who was a debtor for $290, died of a heart attack. Jackson decided to write off the debt as a June gesture of sympathy to his family 25 S.T. Lau & Co., a debtor for $420, went bankrupt. On liquidation they were able to pay only $0.25 in the dollar. Jackson received a cheque for this amount. The rest was July written off as a bad debt 15 Office machinery valued at $850 was sold for $730 on credit to Browne & Co. Nov. 10 Jenn Dade, whose debt of $320 was Oct. written off some time ago, sent a cheque for $335 representing repayment of the debt with interest 31 The microcomputer purchased by Jackson on 1 January is to be Dec.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information [The following information applies to the questions displayed below.] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $39,500 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,000 note payable along with paying $4,500 in cash. July 8 Borrowed $63,000 cash from NBR Bank by signing a 120-day, 12%, $63,000 note payable. Paid the amount due on the note to Locust at the _?- maturity date. ? November 28 December 31 Paid the amount due on the note to NBR Bank at the maturity date. Borrowed $24,000 cash from Fargo Bank by signing a 60-day, 7%, $24,000 note payable. Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 _ ? Paid the amount due on the note to Fargo Bank at the maturity date. 5. Prepare journal entries for all the preceding transactions and events. Note: Do not round your intermediate…
John Sullivan bought a new Brunswick boat for $17,000. He made a $2,500 down payment on it. The bank's loan was for 60 months. Finance charges totaled $4,900. His monthly payment is: Multiple Choice $332.33 None of these $232.33 $323.33 $313.33 2 acer
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