5. Prepare journal entries for all the preceding transactions and events. Note: Do not round your intermediate calculations. No 1 2 Date April 20 May 19 Answer is not complete. General Journal Merchandise inventory Accounts payable-Locust Accounts payable-Locust Cash Notes payable-Locust ›› ››› Debit 35,000 35,000 Credit 35,000 X
5. Prepare journal entries for all the preceding transactions and events. Note: Do not round your intermediate calculations. No 1 2 Date April 20 May 19 Answer is not complete. General Journal Merchandise inventory Accounts payable-Locust Accounts payable-Locust Cash Notes payable-Locust ›› ››› Debit 35,000 35,000 Credit 35,000 X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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Transcribed Image Text:5. Prepare journal entries for all the preceding transactions and events.
Note: Do not round your intermediate calculations.
No
1
2
Paid the amount due on the note to Fargo Bank at the maturity date.
3
Date
April 20
May 19
July 08
X Answer is not complete.
General Journal
Merchandise inventory
Accounts payable-Locust
Accounts payable-Locust
Cash
Notes payable-Locust
Accounts payable-Locust
Debit
35,000
35,000
Credit
35,000
![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 $35,500 of merchandise on credit from Locust, terms n/30.
May 19 Replaced the April 20 account payable to Locust with a 90-day, 7%, $35,000 note
payable along with paying $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.
?
Paid the amount due on the note to NBR Bank at the maturity date.
November 28 Borrowed $36,000 cash from Fargo Bank by signing a 60-day, 9%, $36,000 note payable.
December 31 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 calculations.
Answer is not complete.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa3e82d23-317e-40ba-8507-baaec9e74b93%2F3dc4e6f5-9429-4781-948b-69a0900a59df%2Fe84tzu_processed.png&w=3840&q=75)
Transcribed Image Text: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 $35,500 of merchandise on credit from Locust, terms n/30.
May 19 Replaced the April 20 account payable to Locust with a 90-day, 7%, $35,000 note
payable along with paying $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.
?
Paid the amount due on the note to NBR Bank at the maturity date.
November 28 Borrowed $36,000 cash from Fargo Bank by signing a 60-day, 9%, $36,000 note payable.
December 31 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 calculations.
Answer is not complete.
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