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.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On January 2, Golden Ltd. sold merchandise on account to R. Mark for $44,000, terms n/30. The company uses a perpetual
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.)
Date
Account Titles and Explanation
Debit
Credit
(To record sales)
(To record cost of merchandise sold)
>
>
>
>
Transcribed Image Text:On January 2, Golden Ltd. sold merchandise on account to R. Mark for $44,000, terms n/30. The company uses a perpetual 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.) Date Account Titles and Explanation Debit Credit (To record sales) (To record cost of merchandise sold) > > > >
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