Prepare the necessary journal entry for the October 31 transaction. Remember: Items in this compound journal entry MUST be listed in their descending order of value for the purpose of being graded correctly by Moodle. Dr. $ Cr. Cr. 6A 6A Prepare the necessary journal entry for the October 5 transaction. Dr. Cr. $ Prepare the necessary journal entry for the October 16 transaction. Dr. Cr. $ $ +A

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 4SEA: JOURNAL ENTRIES (NOTE RECEIVED, RENEWED, AND COLLECTED) Prepare general journal entries for the...
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On October 5, LASCO Traders sold goods worth $170,000 to Retailers Plus.   LASCO uses the net method to record sales.

Terms:  3/15, EOM

 

On October 16, LASCO received payment by cheque from Retailers Plus for $70,000 worth of goods that were sold on October 5.

 

On October 31, Retailers Plus issued a 60-day 5% note to LASCO Traders for the outstanding balance from the October 5 sales.

Prepare the necessary journal entry for the October 31 transaction.
Remember: Items in this compound journal entry MUST be listed in their descending order of
value for the purpose of being graded correctly by Moodle.
Dr.
$
Cr.
Cr.
6A
6A
Transcribed Image Text:Prepare the necessary journal entry for the October 31 transaction. Remember: Items in this compound journal entry MUST be listed in their descending order of value for the purpose of being graded correctly by Moodle. Dr. $ Cr. Cr. 6A 6A
Prepare the necessary journal entry for the October 5 transaction.
Dr.
Cr.
$
Prepare the necessary journal entry for the October 16 transaction.
Dr.
Cr.
$
$
+A
Transcribed Image Text:Prepare the necessary journal entry for the October 5 transaction. Dr. Cr. $ Prepare the necessary journal entry for the October 16 transaction. Dr. Cr. $ $ +A
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