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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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
Page: 1
| DATE | DESCRIPTION | POST. REF. |
DEBIT | CREDIT | ||
|---|---|---|---|---|---|---|
| 1 | Mar. 3 | 1 | ||||
| 2 | 2 | |||||
| 3 | Apr. 2 | 3 | ||||
| 4 | 4 | |||||
| 5 | 5 | |||||
| 6 | 6 | |||||
| 7 | 7 | |||||
| 8 | 8 | |||||
| 9 | 9 | |||||
| 10 | 10 | |||||
| 11 | 11 |
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