During the month, the company had $28,000 in revenue from products it provided to customers. All sales were on account. The amount HI Palms paid its suppliers for these products was $9,250. In addition, HI Palms had revenue from services it provided to customers in the amount of $1,800, on account. Customers had paid a total of $4,500 for these transactions by the end of January. In addition, customers paid $26,000 of the balance owed as of January 1 st (from previous months transactions) during the month of January. The company uses the perpetual inventory method. The terms of the Long Term Note Payable are as follows: 6% annual interest rate, interest payments payable monthly on the first day of the month for the previous month, full amount of principal due on November 30, 2025. the amount of this long term is 175,000. can you please make a journal entries of these?
During the month, the company had $28,000 in revenue from products it provided to customers. All sales were on account. The amount HI Palms paid its suppliers for these products was $9,250. In addition, HI Palms had revenue from services it provided to customers in the amount of $1,800, on account. Customers had paid a total of $4,500 for these transactions by the end of January. In addition, customers paid $26,000 of the balance owed as of January 1 st (from previous months transactions) during the month of January. The company uses the perpetual inventory method. The terms of the Long Term Note Payable are as follows: 6% annual interest rate, interest payments payable monthly on the first day of the month for the previous month, full amount of principal due on November 30, 2025. the amount of this long term is 175,000. can you please make a journal entries of these?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:During the month, the company had $28,000 in revenue from products it provided to customers. All sales were on
account. The amount HI Palms paid its suppliers for these products was $9,250. In addition, HI Palms had revenue from
services it provided to customers in the amount of $1,800, on account. Customers had paid a total of $4,500 for these
transactions by the end of January. In addition, customers paid $26,000 of the balance owed as of January 1 st (from
previous months transactions) during the month of January. The company uses the perpetual inventory method. The
terms of the Long Term Note Payable are as follows: 6% annual interest rate, interest payments payable monthly on the
first day of the month for the previous month, full amount of principal due on November 30, 2025. the amount of this
long term is 175,000. can you please make a journal entries of these?
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