Coolidge Company owes $1,000 for merchandise inventory purchased from Ross Company during April. The amount owed is now past-due. On June 15, Coolidge meets with Ross and convinces Ross to accept $400 cash and a 30-day, 10 percent, $600 note payable to replace the account payable. Note: Enter debits before credits,
Coolidge Company owes $1,000 for merchandise inventory purchased from Ross Company during April. The amount owed is now past-due. On June 15, Coolidge meets with Ross and convinces Ross to accept $400 cash and a 30-day, 10 percent, $600 note payable to replace the account payable. Note: Enter debits before credits,
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Accounting for Current Liabi... A
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i
Required information
Coolidge Company owes $1,000 for merchandise inventory purchased from Ross
Company during April. The amount owed is now past-due. On June 15, Coolidge meets
with Ross and convinces Ross to accept $400 cash and a 30-day, 10 percent, $600 note
payable to replace the account payable.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Jun 15
Record entry
Clear entry
View general journal
< Prev
of 19
Next >
5.
画 画
III
<>
F3
F4
F5
F8
F10
94
F12
65
DDI
#
2$
3.
6"
Transcribed Image Text:E
. ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%25
Accounting for Current Liabi... A
Saved
Help
i
Required information
Coolidge Company owes $1,000 for merchandise inventory purchased from Ross
Company during April. The amount owed is now past-due. On June 15, Coolidge meets
with Ross and convinces Ross to accept $400 cash and a 30-day, 10 percent, $600 note
payable to replace the account payable.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Jun 15
Record entry
Clear entry
View general journal
< Prev
of 19
Next >
5.
画 画
III
<>
F3
F4
F5
F8
F10
94
F12
65
DDI
#
2$
3.
6
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Applications Rapidldentity X
O Principles of Accounting I- A X
Question 5 - Chapter 9 Quiz: A X
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Accounting for Current Liabi... G
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Required information
Knowledge Check 01
Coolidge Company owes $1,000 for merchandise inventory purchased from Ross Company during April. The amount owed is
now past-due. On June 15, Coolidge meets with Ross and convinces Ross to accept $400 cash and a 30-day, 10 percent, $600
note payable to replace the account payable.
Prepare the June 15 journal entry for Coolidge entry by selecting the account names from the drop-down menus and entering
the dollar amounts in the debit or credit columns.
View transaction list
Journal entry worksheet
Coolidge Company owes $1,000 for merchandise inventory purchased from Ross
7.
of 19
Next >
5.
.... ......
II
F3
F5
F7
F8
F10
F12
Finder
LL
DeX
DDI
#3
3
$
4.
8.
6"
Transcribed Image Text:%24
Applications Rapidldentity X
O Principles of Accounting I- A X
Question 5 - Chapter 9 Quiz: A X
ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FU
Accounting for Current Liabi... G
Saved
Help
Save & Exit
Check my wor
Required information
Knowledge Check 01
Coolidge Company owes $1,000 for merchandise inventory purchased from Ross Company during April. The amount owed is
now past-due. On June 15, Coolidge meets with Ross and convinces Ross to accept $400 cash and a 30-day, 10 percent, $600
note payable to replace the account payable.
Prepare the June 15 journal entry for Coolidge entry by selecting the account names from the drop-down menus and entering
the dollar amounts in the debit or credit columns.
View transaction list
Journal entry worksheet
Coolidge Company owes $1,000 for merchandise inventory purchased from Ross
7.
of 19
Next >
5.
.... ......
II
F3
F5
F7
F8
F10
F12
Finder
LL
DeX
DDI
#3
3
$
4.
8.
6
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