A select list of transactions of Namely Company are listed below: Date Transaction Description Issued a $40,000 note to Lake Company in exchange for a machine. Lake discounted the note at 9%. The note is due on October 1, 2022. 3/1/2022 9/1/2022 Purchased merchandise on account from Aspen Co., $12,000. 10/1/2022 Paid Lake Company the amount due on the note of March 1. 11/1/2022 Issued a 3-month, 12% note for $12,000 to Aspen Co. on account. 12/31/2022 Accrued interest on the Aspen Co. note. 2/1/2023 Paid Aspen Co. the amount owed on the note of November 1. Required: Prepare journal entries (journal entry descriptions NOT required) for Namely Company to record the transactions above. If necessary, round all figures to whole dollars. Namely's fiscal year end is December 31st.

A select list of transactions of Namely Company are listed below: Date Transaction Description Issued a $40,000 note to Lake Company in exchange for a machine. Lake discounted the note at 9%. The note is due on October 1, 2022. 3/1/2022 9/1/2022 Purchased merchandise on account from Aspen Co., $12,000. 10/1/2022 Paid Lake Company the amount due on the note of March 1. 11/1/2022 Issued a 3-month, 12% note for $12,000 to Aspen Co. on account. 12/31/2022 Accrued interest on the Aspen Co. note. 2/1/2023 Paid Aspen Co. the amount owed on the note of November 1. Required: Prepare journal entries (journal entry descriptions NOT required) for Namely Company to record the transactions above. If necessary, round all figures to whole dollars. Namely's fiscal year end is December 31st.

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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еВook Print Item Record journal entries for the following transactions of Telesco Enterprises. Jan. 1, 2018 Issued a $331,700 note to customer Abe Willis as terms of a merchandise sale. The merchandise's cost to Telesco is $125,900. Note contract terms included a 36-month maturity date, and a 8% annual interest rate. Dec. 31, 2018 Telesco records interest accumulated for 2018. Dec. 31, 2019 Telesco records interest accumulated for 2019. Dec. 31, 2020 Abe Willis honors the note and pays in full with cash. If an amount box does not require an entry, leave it blank. Jan. 1, 2018 To record sale in exchange for Notes Receivable: Willis, 36-month maturity, 8% interest rate Jan. 1, 2018 To record the cost of sale Dec. 31, 2018 To record interest accumulated in 2018 88 Dec. 31, 2019 To record interest accumulated in 2019 Dec. 31, 2020 Previous
Record journal entries for the following transactions of Telesco Enterprises. Jan. 1, 2018 Issued a $330,700 note to customer Abe Willis as terms of a merchandise sale. The merchandise’s cost to Telesco is $120,900. Note contract terms included a 36-month maturity date, and a 4% annual interest rate. Dec. 31, 2018 Telesco records interest accumulated for 2018. Dec. 31, 2019 Telesco records interest accumulated for 2019. Dec. 31, 2020 Abe Willis honors the note and pays in full with cash.
Requirement 4. Record the payment of the note payable (principal and interest) on its maturity date. (Record debits first, then credits. Exclude explanations from journal entries.) ss attached thanks 4y1 4
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Pedroni Enterprises issues a $260,000, 45 day 5 % note to Zorzi Industries for merchandise inventory Journalize Pedroni Enterprises entries to record: The issuance of the note The payment of the note at maturity Journalize Zorzi Industries entries to record: The receipt of the note Receipt of the payment of the note at maturity On July 31, 2019 the balances of the accounts appearing in the ledger of Pedroni Interiors company a furniture wholesales, are as follows. Accumulated Depreciation – Building $365,000 Ray Zorzi – Capital $530,000 Administrative Expenses 440,000 Ray Zorzi – Drawing 15,000 Building 810,000 Sales 1,437,000 Cash 78,000 Sales tax Payable 4,500 Cost of Merchandise Sold…
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