Journalize TransactionsGalle Inc. entered into the following transactions during January.a. January 1: Borrowed $201,000 from First Street Bank by signing a note payable.b. January 4: Purchased $25,000 of equipment for cash.c. January 6: Paid $500 to landlord for rent for January.d. January 15: Performed services for customers on account, $4,200.e. January 25: Collected $3,000 from customers for services performed in Transaction d.f. January 28: Purchased land for $260,000 by paying $21,000 cash and obtaining a loan for the balance.g. January 30: Paid salaries of $3,000 for the current month.Required:Prepare journal entries for the transactions. If an amount box does not require an entry, leave it blank.Jan. 146152528

Name: Journalize TransactionsGalle Inc. entered into the following transact
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Description: Journalize TransactionsGalle Inc. entered into the following transactions during January.a. January 1: Borrowed $201,000 from First Street Bank by signing a note payable.b. January 4: Purchased $25,000 of equipment for cash.c. January 6: Paid $500 t

Answer:- Journal entry meaning:- Direct entries into the main diary are generally referred to as…

Business

Accounting

f. January 28: Purchased land for $260,000 by paying $21,000 cash and obtaining a loan for the balance. g. January 30: Paid salaries of $3,000 for the current month. Required: Prepare journal entries for the transactions. If an amount box does not require an entry, leave it blank. Jan. 1 4

f. January 28: Purchased land for $260,000 by paying $21,000 cash and obtaining a loan for the balance. g. January 30: Paid salaries of $3,000 for the current month. Required: Prepare journal entries for the transactions. If an amount box does not require an entry, leave it blank. Jan. 1 4

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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Journal Entries (Note Issued, Renewed, and Paid)May 1 Purchased $5,000 worth of equipment from a supplier on account.June 1 Issued a $5,000, 30-day, 6% note in payment of the account payable.July 1 Paid $500 cash plus interest to the supplier, extending the note for 30 days from July 1.31 Paid the note in full.Aug. 10 Issued a $3,500, 60-day, 7% note to a supplier for purchase of merchandise.Prepare general journal entries for the transactions. Assume 360 days in a year.
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Record the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account. Dec. 31 Accrued interest on the Tim’s Co. note. Feb. 2 Received the amount due from Tim’s Co. on the note. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. CHART OF ACCOUNTS Scott Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Batson Co. 122 Accounts Receivable-Bynum Co. 123 Accounts Receivable-Calahan Inc. 124 Accounts Receivable-Dodger Co. 125 Accounts Receivable-Fronk Co. 126 Accounts Receivable-Miracle Chemical 127 Accounts Receivable-Solo Co. 128 Accounts Receivable-Tim’s Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable-Tim’s Co. 141…