Apr. 14: Purchased $31,300 of merchandise on account, terms n/30. The perpetual inventory system is used toaccount for inventory.DateApr. 14DateMay 13May 13: Paid the invoice of April 14.DateJune 2InventoryDateDescriptionAccounts PayableAug. 1CashJune 2: Received a 60-day, 8% note for $180,000 on the Ryanair account.DescriptionDescriptionAccounts Receivable-RyanairCashDebitNotes Receivable31,300Interest RevenueDebitDebit180,000Aug. 1: Received amount owed on June 2 note, plus interest at the maturity date.DescriptionDebitCredit31,300CreditCredit180,000Creditvas

JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…

Apr. 14: Purchased $31,300 of merchandise on account, terms n/30. The perpetual inventory system is used to account for inventory. Date Apr. 14 Date May 13 May 13: Paid the invoice of April 14. Date June 2 Inventory Date Description Accounts Payable Aug. 1 Cash- June 2: Received a 60-d. 8% note for $180,000 on the Ryanair account. Description Description Accounts Receivable-Ryanair Cash Debit Notes Receivable 31,300 Interest Revenue Debit Debit 180,000 Aug. 1: Received amount owed on June 2 note, plus interest at the maturity date. Description Credit Debit Credit 31,300 Credit Credit 180,000 vas

Apr. 14: Purchased $31,300 of merchandise on account, terms n/30. The perpetual inventory system is used to account for inventory. Date Apr. 14 Date May 13 May 13: Paid the invoice of April 14. Date June 2 Inventory Date Description Accounts Payable Aug. 1 Cash- June 2: Received a 60-d. 8% note for $180,000 on the Ryanair account. Description Description Accounts Receivable-Ryanair Cash Debit Notes Receivable 31,300 Interest Revenue Debit Debit 180,000 Aug. 1: Received amount owed on June 2 note, plus interest at the maturity date. Description Credit Debit Credit 31,300 Credit Credit 180,000 vas

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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