Instructions Journal Entries (Note Issued, Renewed, and Paid) 1. Prepare general journal entries for the following transactions. If an amount box does not require an entry, leave it blank. When required, enter amounts to the nearest cent. Assume 360 days in a year. June 15 Purchased $5,700 worth of equipment from a supplier on account. July 15 Issued a $5,700, 30-day, 7% note in payment of the account payable. Aug. 14 Paid $900 cash plus interest to the supplier, extending the note for 30 days from August 14. Sept. 13 Paid the note in full. 27 Issued a $5,300, 60-day, 6% note to a supplier for purchase of merchandise.
Instructions Journal Entries (Note Issued, Renewed, and Paid) 1. Prepare general journal entries for the following transactions. If an amount box does not require an entry, leave it blank. When required, enter amounts to the nearest cent. Assume 360 days in a year. June 15 Purchased $5,700 worth of equipment from a supplier on account. July 15 Issued a $5,700, 30-day, 7% note in payment of the account payable. Aug. 14 Paid $900 cash plus interest to the supplier, extending the note for 30 days from August 14. Sept. 13 Paid the note in full. 27 Issued a $5,300, 60-day, 6% note to a supplier for purchase of merchandise.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Instructions
Journal Entries (Note Issued, Renewed, and Paid)
1. Prepare general journal entries for the following transactions.
If an amount box does not require an entry, leave it blank. When required, enter amounts to the nearest cent. Assume 360 days in a year.
June 15 Purchased $5,700 worth of equipment from a supplier on account.
July 15 Issued a $5,700, 30-day, 7% note in payment of the account payable.
Aug. 14 Paid $900 cash plus interest to the supplier, extending the note for 30 days from August 14.
Sept. 13 Paid the note in full.
27 Issued a $5,300, 60-day, 6% note to a supplier for purchase of merchandise.
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