oft WE ivable/Notes Payable X b JOURNAL ENTRIES (NOTE ISSUEL X + moodle.cw.edu/mod/quiz/attempt.php?attempt3=56737&cmid%3733537 Graphics has the following notes payable transactions. Record these transactions in eneral journal. July 5lssued a $3,500 note to Roma Ceramic Inc. The 10%, 60-day note is in full payment of an account payable. 9Borrowed $5,000 from the bank sighing a 6%, 90-day note. 11Paid $500 cash and issued a $2,000, 8% 30-day note to Design Center in payment of an account payable. Aug. 5Borrowed $3,600 for 30 days from the bank on a non-interest-bearing note. The discount rate is 10%. Sept. 3Paid the principal and interest due on the $3,500 note to Roma Ceramic Inc. Oct. 3Paid the interest due on the $5,000 note to the bank and renewed the principal for 30 days at 7%. GENERAL JOURNAL Page 1 Post Date Description Ref. Debit Credit because we are The Colle 10mdio playyas
oft WE ivable/Notes Payable X b JOURNAL ENTRIES (NOTE ISSUEL X + moodle.cw.edu/mod/quiz/attempt.php?attempt3=56737&cmid%3733537 Graphics has the following notes payable transactions. Record these transactions in eneral journal. July 5lssued a $3,500 note to Roma Ceramic Inc. The 10%, 60-day note is in full payment of an account payable. 9Borrowed $5,000 from the bank sighing a 6%, 90-day note. 11Paid $500 cash and issued a $2,000, 8% 30-day note to Design Center in payment of an account payable. Aug. 5Borrowed $3,600 for 30 days from the bank on a non-interest-bearing note. The discount rate is 10%. Sept. 3Paid the principal and interest due on the $3,500 note to Roma Ceramic Inc. Oct. 3Paid the interest due on the $5,000 note to the bank and renewed the principal for 30 days at 7%. GENERAL JOURNAL Page 1 Post Date Description Ref. Debit Credit because we are The Colle 10mdio playyas
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter17: Accounting For Notes And Interest
Section: Chapter Questions
Problem 3CE
Related questions
Question
![oft
WE
ivable/Notes Payable X b JOURNAL ENTRIES (NOTE ISSUEL X +
moodle.cw.edu/mod/quiz/attempt.php?attempt3=56737&cmid%3733537
Graphics has the following notes payable transactions. Record these transactions in
eneral journal.
July 5lssued a $3,500 note to Roma Ceramic Inc. The 10%, 60-day note is in full
payment of an account payable.
9Borrowed $5,000 from the bank sighing a 6%, 90-day note.
11Paid $500 cash and issued a $2,000, 8% 30-day note to Design Center in
payment of an account payable.
Aug. 5Borrowed $3,600 for 30 days from the bank on a non-interest-bearing note.
The discount rate is 10%.
Sept. 3Paid the principal and interest due on the $3,500 note to Roma Ceramic Inc.
Oct. 3Paid the interest due on the $5,000 note to the bank and renewed the
principal for 30 days at 7%.
GENERAL JOURNAL
Page 1
Post
Date
Description
Ref.
Debit
Credit
because we are The Colle
10mdio
playyas](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F728c692f-eb08-4391-b26b-cf48cd046228%2F9508a5b9-5400-437e-b73c-e48ca3e7f7f0%2Favkc8ue.jpeg&w=3840&q=75)
Transcribed Image Text:oft
WE
ivable/Notes Payable X b JOURNAL ENTRIES (NOTE ISSUEL X +
moodle.cw.edu/mod/quiz/attempt.php?attempt3=56737&cmid%3733537
Graphics has the following notes payable transactions. Record these transactions in
eneral journal.
July 5lssued a $3,500 note to Roma Ceramic Inc. The 10%, 60-day note is in full
payment of an account payable.
9Borrowed $5,000 from the bank sighing a 6%, 90-day note.
11Paid $500 cash and issued a $2,000, 8% 30-day note to Design Center in
payment of an account payable.
Aug. 5Borrowed $3,600 for 30 days from the bank on a non-interest-bearing note.
The discount rate is 10%.
Sept. 3Paid the principal and interest due on the $3,500 note to Roma Ceramic Inc.
Oct. 3Paid the interest due on the $5,000 note to the bank and renewed the
principal for 30 days at 7%.
GENERAL JOURNAL
Page 1
Post
Date
Description
Ref.
Debit
Credit
because we are The Colle
10mdio
playyas
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