174. Helix Co. entered into the following transactions involving short-term notes payable. On May 14, Helix purchased $40,000 merchandise from Advent Co., terms are 2/15, n/30. Helix uses the perpetual inventory system. Feedback: On May 29, Helix replaced the May 14 account payable with a 60-day, $30,000 note bearing 8% annual along with paying $10,000 in cash. Paid the amount due on the note at maturity. 1. Determine the maturity date for the note. 2. Prepare journal entries for all the preceding transactions and events.

174. Helix Co. entered into the following transactions involving short-term notes payable. On May 14, Helix purchased $40,000 merchandise from Advent Co., terms are 2/15, n/30. Helix uses the perpetual inventory system. Feedback: On May 29, Helix replaced the May 14 account payable with a 60-day, $30,000 note bearing 8% annual along with paying $10,000 in cash. Paid the amount due on the note at maturity. 1. Determine the maturity date for the note. 2. Prepare journal entries for all the preceding transactions and events.

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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