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Following are the notes payable transactions of Village Dock Café. Mar. 3 Village Dock Café purchased merchandise on account, $6,000. Apr. 2 Village Dock Café issued a 60-day, 10% note to pay off the account. ??? Village Dock Café paid on the maturity date $3,200 plus interest on the note issued on April 2, and issued a new 90-day, 14% note for the unpaid balance. ??? Village Dock Café paid off the preceding note on the maturity date. Required: Prepare the general journal entries for the above transactions. If an amount box does not require an entry, leave it blank. Assume 360 days in a year. POST. DATE DESCRIPTION DEBIT CREDIT REF. Mar. 3 2 2. Аpг. 2 4. 5 8. 8. 10 10 11 11

Following are the notes payable transactions of Village Dock Café. Mar. 3 Village Dock Café purchased merchandise on account, $6,000. Apr. 2 Village Dock Café issued a 60-day, 10% note to pay off the account. ??? Village Dock Café paid on the maturity date $3,200 plus interest on the note issued on April 2, and issued a new 90-day, 14% note for the unpaid balance. ??? Village Dock Café paid off the preceding note on the maturity date. Required: Prepare the general journal entries for the above transactions. If an amount box does not require an entry, leave it blank. Assume 360 days in a year. POST. DATE DESCRIPTION DEBIT CREDIT REF. Mar. 3 2 2. Аpг. 2 4. 5 8. 8. 10 10 11 11

FINANCIAL ACCOUNTING
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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Following are the notes payable transactions of Village Dock Café. Mar. 3 Village Dock Café purchased merchandise on account, $6,000. Apr. 2 Village Dock Café issued a 60-day, 10% note to pay off the account. ??? Village Dock Café paid on the maturity date $3,200 plus interest on the note issued on April 2, and issued a new 90-day, 14% note for the unpaid balance. ??? Village Dock Café paid off the preceding note on the maturity date. Required: Prepare the general journal entries for the above transactions. If an amount box does not require an entry, leave it blank. Assume 360 days in a year. POST. DATE DESCRIPTION DEBIT CREDIT REF. Mar. 3 2 2. Аpг. 2 4. 5 8. 8. 10 10 11 11
Transcribed Image Text:Following are the notes payable transactions of Village Dock Café. Mar. 3 Village Dock Café purchased merchandise on account, $6,000. Apr. 2 Village Dock Café issued a 60-day, 10% note to pay off the account. ??? Village Dock Café paid on the maturity date $3,200 plus interest on the note issued on April 2, and issued a new 90-day, 14% note for the unpaid balance. ??? Village Dock Café paid off the preceding note on the maturity date. Required: Prepare the general journal entries for the above transactions. If an amount box does not require an entry, leave it blank. Assume 360 days in a year. POST. DATE DESCRIPTION DEBIT CREDIT REF. Mar. 3 2 2. Аpг. 2 4. 5 8. 8. 10 10 11 11
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