View History Bookmarks Profiles Tab Window Help1- Proctoring Enable Xtproctorio.com/secured#lockdownng Enabled: Chapter 2 Required Homewor...+Seaport Corp. had the following transactions during 2024:Complete this question by entering your answers in the tabs below.Required 1 Required 2February 1 Borrowed $20,000 from a bank and signed a note. Principal and interest at 9% will be paid on January 31,2025.April 1Paid $5,200 to an insurance company for a two-year fire insurance policy.July 17 Purchased supplies costing $3,600 on account. At the year-end on December 31, 2024, supplies costing $1,650remained on hand.November 1A customer borrowed $8,400 and signed a note requiring the customer to pay principal and 7% interest on April30, 2025.Record each transaction in general journal form.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.View transaction listRequired:1. Please carefully record each transaction in general journal form.2. Please prepare any necessary adjusting entries at the year-end on December 31, 2024. (Note: no adjusting entries were recordedduring the year for any item.)Journal entry worksheet<13Saved234Borrowed $20,000 from a bank and signed a note. Principal and interest at 9%will be paid on January 31, 2025. Prepare the necessary adjusting entry onDecember 31, 2024.Prev1 of 5G Search or type URLIII=>Next >826+9Help80%0Save & Exit Edit ViewView History Bookmarks Profiles TabQuestion 1 - Proctoring Enable X +getproctorio.com/secured#lockdown1Proctoring Enabled: Chapter 2 Required Homewor... 1McGrawHillSeaport Corp. had the following transactions during 2024:Required 1February 1 Borrowed $20,000 from a bank and signed a note. Principal and interest at 9% will be paid on January 31,2025.April 1Paid $5,200 to an insurance company for a two-year fire insurance policy.July 17 Purchased supplies costing $3,600 on account. At the year-end on December 31, 2024, supplies costing $1,650remained on hand.Complete this question by entering your answers in the tabs below.Window HelpNovember 1 A customer borrowed $8,400 and signed a note requiring the customer to pay principal and 7% interest on April30, 2025.Required 2Required:1. Please carefully record each transaction in general journal form.2. Please prepare any necessary adjusting entries at the year-end on December 31, 2024. (Note: no adjusting entries were recordedduring the year for any item.)View transaction listRecord each transaction in general journal form.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.<Journal entry worksheet12ESaved3 4Borrowed $20,000 from a bank and signed a note. Principal and interest at 9%will be paid on January 31, 2025. Prepare the necessary adjusting entry onDecember 31, 2024.R5Prev1 of 5Search or type URL7▬JNext >8Help80%+Save & Exit9

Seaport Corp. had the follow February 1 Borrowed $20,000 from a bank and signed a note. Principal and interest at 9% will be paid on January 31, 2025. April 1 Paid $5,200 to an insurance company for a two-year fire insurance policy. July 17 Purchased supplies costing $3,600 on account. At the year-end on December 31, 2024, supplies costing $1,650 remained on hand. November 1 A customer borrowed $8,400 and signed a note requiring the customer to pay principal and 7% interest on April 30, 2025. Required: 1. Please carefully record each transaction in general journal form. 2. Please prepare any necessary adjusting entries at the year-end on December 31, 2024. (Note: no adjusting entries were recorded during the year for any item.)

Seaport Corp. had the follow February 1 Borrowed $20,000 from a bank and signed a note. Principal and interest at 9% will be paid on January 31, 2025. April 1 Paid $5,200 to an insurance company for a two-year fire insurance policy. July 17 Purchased supplies costing $3,600 on account. At the year-end on December 31, 2024, supplies costing $1,650 remained on hand. November 1 A customer borrowed $8,400 and signed a note requiring the customer to pay principal and 7% interest on April 30, 2025. Required: 1. Please carefully record each transaction in general journal form. 2. Please prepare any necessary adjusting entries at the year-end on December 31, 2024. (Note: no adjusting entries were recorded during the year for any item.)

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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Clariza Frozen Goods Inc. opened its business on January 1, 2020. The Company has the followingtransactions during the year:• Sales (cash and credit) during the year amounted P5,000,000. Ninety percent of these were madeon credit.• The Company granted discounts to its customers as follows:o 3/10, n/30o 2/15, n/30o 1% for all cash customers• Cash received from customers (deposited with Jennifer Bank) amounting to P3,425,000 consistedof:✓ Cash customers P495,000✓ Customers paying within 10 days 1,940,000✓ Customers paying within 15 days 490,000✓ Customers not availing the discounts 500,000• Merchandise returns amounted to P500,000, all related to credit sales.• The Company provided for 2% of its net credit sales as doubtful accounts.Unadjusted balances of some of the Company’s accounts as at December 31, 2020 before closing its booksare as follows:Cash in bank per ledger - Charles Bank P1,500,000Cash in bank per bank statement - Charles Bank 1,775,000Current account - Jennifer Bank…
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Keesha Co. borrows $230,000 cash on November 1 of the current year by signing a 180-day, 7%, $230,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of Interest on December 31, and (c) payment of the note at maturity. O Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 and 3 Reg 4 Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. (Use360 days a year. Do not round intermediate calculations.) No Transaction General Journal Debit Credit 230,000 1 (a) Cash 230.000 O Notes payable 2,728 (b) Interest expense 2,728 8 Interest payable 230,000 2,728 3 3 (c) Notes payable Interest payable 5,322 Interest expense