During the month, the company had $28,000 in revenue from products it provided to customers. All sales were onaccount. The amount HI Palms paid its suppliers for these products was $9,250. In addition, HI Palms had revenue fromservices it provided to customers in the amount of $1,800, on account. Customers had paid a total of $4,500 for thesetransactions by the end of January. In addition, customers paid $26,000 of the balance owed as of January 1 st (fromprevious months transactions) during the month of January. The company uses the perpetual inventory method. Theterms of the Long Term Note Payable are as follows: 6% annual interest rate, interest payments payable monthly on thefirst day of the month for the previous month, full amount of principal due on November 30, 2025. the amount of thislong term is 175,000. can you please make a journal entries of these?

Journal Entries for HI Palms (Perpetual Inventory Method)1. Sales of Products on Account:Date: Any…

Answered: During the month, the company had…

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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