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Seot: 1 Purchased inentory from Encino Company on account for $40,508. Pharoah records purchases gross and uses a pariodicinventery system. Oct. 1 Issued a $48,580,12-month, 8% note to Encino in parment of account. Oct. 1 Borrowed $48,580 from the Shore Bank by signing a 12-month, zero-interest-bearing $43,748 note. (a) Your answer is carrect. Prepare journal entries for the selected transactions above. (if no entry is requiled, seicet "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order disploped in the problem statement. List all debit entries before credit entries! (b) Vour angwar is correct. Prepara adjusting entriss at December 31. (of no entry is required select "No Entry" for the account titles and enter Ofor the amounts, Credit docount tities ore outomutically indented when amount is entered. Do not indent munuallk Round answers to a decimal places, eg. 5.125. List all debit entries before crodit enaries.) (To record uliscount in the note) eTextbook and Media List of Accounts Compute the total net liability to be reported on the December 31 balance sheet for: (1) The interest-bearing note $ (2) The zero-interest-bearing note eTextbook and Media 810

Seot: 1 Purchased inentory from Encino Company on account for $40,508. Pharoah records purchases gross and uses a pariodicinventery system. Oct. 1 Issued a $48,580,12-month, 8% note to Encino in parment of account. Oct. 1 Borrowed $48,580 from the Shore Bank by signing a 12-month, zero-interest-bearing $43,748 note. (a) Your answer is carrect. Prepare journal entries for the selected transactions above. (if no entry is requiled, seicet "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order disploped in the problem statement. List all debit entries before credit entries! (b) Vour angwar is correct. Prepara adjusting entriss at December 31. (of no entry is required select "No Entry" for the account titles and enter Ofor the amounts, Credit docount tities ore outomutically indented when amount is entered. Do not indent munuallk Round answers to a decimal places, eg. 5.125. List all debit entries before crodit enaries.) (To record uliscount in the note) eTextbook and Media List of Accounts Compute the total net liability to be reported on the December 31 balance sheet for: (1) The interest-bearing note $ (2) The zero-interest-bearing note eTextbook and Media 810

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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Seot: 1 Purchased inentory from Encino Company on account for $40,508. Pharoah records purchases gross and uses a pariodicinventery system. Oct. 1 Issued a $48,580,12-month, 8% note to Encino in parment of account. Oct. 1 Borrowed $48,580 from the Shore Bank by signing a 12-month, zero-interest-bearing $43,748 note. (a) Your answer is carrect. Prepare journal entries for the selected transactions above. (if no entry is requiled, seicet "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order disploped in the problem statement. List all debit entries before credit entries! (b) Vour angwar is correct. Prepara adjusting entriss at December 31. (of no entry is required select "No Entry" for the account titles and enter Ofor the amounts, Credit docount tities ore outomutically indented when amount is entered. Do not indent munuallk Round answers to a decimal places, eg. 5.125. List all debit entries before crodit enaries.) (To record uliscount in the note) eTextbook and Media List of Accounts
Transcribed Image Text:Seot: 1 Purchased inentory from Encino Company on account for $40,508. Pharoah records purchases gross and uses a pariodicinventery system. Oct. 1 Issued a $48,580,12-month, 8% note to Encino in parment of account. Oct. 1 Borrowed $48,580 from the Shore Bank by signing a 12-month, zero-interest-bearing $43,748 note. (a) Your answer is carrect. Prepare journal entries for the selected transactions above. (if no entry is requiled, seicet "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order disploped in the problem statement. List all debit entries before credit entries! (b) Vour angwar is correct. Prepara adjusting entriss at December 31. (of no entry is required select "No Entry" for the account titles and enter Ofor the amounts, Credit docount tities ore outomutically indented when amount is entered. Do not indent munuallk Round answers to a decimal places, eg. 5.125. List all debit entries before crodit enaries.) (To record uliscount in the note) eTextbook and Media List of Accounts
Compute the total net liability to be reported on the December 31 balance sheet for: (1) The interest-bearing note $ (2) The zero-interest-bearing note eTextbook and Media 810
Transcribed Image Text:Compute the total net liability to be reported on the December 31 balance sheet for: (1) The interest-bearing note $ (2) The zero-interest-bearing note eTextbook and Media 810
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