inventory system and the merchandise originally cost $31,000. On February 1, R. Mark gave Golden a five-month, 9% note in settlement of this account. Interest is due at the beginning of each month, starting March 1. On April 30, Golden's year end, annual adjusting entries were made. On July 1, R. Mark paid the note and any remaining interest. Prepare the journal entries for Golden to record the transactions only on the dates listed above. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

inventory system and the merchandise originally cost $31,000. On February 1, R. Mark gave Golden a five-month, 9% note in settlement of this account. Interest is due at the beginning of each month, starting March 1. On April 30, Golden's year end, annual adjusting entries were made. On July 1, R. Mark paid the note and any remaining interest. Prepare the journal entries for Golden to record the transactions only on the dates listed above. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

Name: On January 2, Golden Ltd. sold merchandise on account to R. Mark for
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Description: On January 2, Golden Ltd. sold merchandise on account to R. Mark for $44,000, terms n/30. The company uses a perpetualinventory system and the merchandise originally cost $31,000. On February 1, R. Mark gave Golden a five-month, 9% note insettlement

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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