Homework Help is Here – Start Your Trial Now!
Business
Accounting
Show Attempt History Current Attempt in Progress Described below are certain transactions of Sunland Corporation. The company uses the periodic inventory system. 1. On February 2, the corporation purchased goods from Bramble Company for $66,400 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26. 2. 3. On April 1, the corporation bought a truck for $53,000 from Sunland Motors Company, paying $4,000 in cash and signing a 1- year, 10% note for the balance of the purchase price. On May 1, the corporation borrowed $79,400 from Chicago National Bank by signing a $88,520 zero-interest-bearing note due 1 year from May 1. (a) Your answer is partially correct. Make all the journal entries necessary to record the transactions above using appropriate dates. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation February 2 Purchases Accounts Payable February 26 Accounts Payable Cash April 1 Trucks Cash Notes Payable May 1 Cash eTextbook and Media List of Accounts Save for Later Debit 65072 65072 53000 79400 Discount on Notes Payable 9120 Notes Payable Cred Attempts: 1 of 3 used Submit Answer

Show Attempt History Current Attempt in Progress Described below are certain transactions of Sunland Corporation. The company uses the periodic inventory system. 1. On February 2, the corporation purchased goods from Bramble Company for $66,400 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26. 2. 3. On April 1, the corporation bought a truck for $53,000 from Sunland Motors Company, paying $4,000 in cash and signing a 1- year, 10% note for the balance of the purchase price. On May 1, the corporation borrowed $79,400 from Chicago National Bank by signing a $88,520 zero-interest-bearing note due 1 year from May 1. (a) Your answer is partially correct. Make all the journal entries necessary to record the transactions above using appropriate dates. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation February 2 Purchases Accounts Payable February 26 Accounts Payable Cash April 1 Trucks Cash Notes Payable May 1 Cash eTextbook and Media List of Accounts Save for Later Debit 65072 65072 53000 79400 Discount on Notes Payable 9120 Notes Payable Cred Attempts: 1 of 3 used Submit Answer

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.6E: Purchase Discounts For each of the following transactions of Buckeye Corporation, prepare the...
See similar textbooks
icon
Related questions
Question

I need help! Please find the answer to the three outlined cells that are red. Please notice that there are three rows for that entry!

Show Attempt History Current Attempt in Progress Described below are certain transactions of Sunland Corporation. The company uses the periodic inventory system. 1. On February 2, the corporation purchased goods from Bramble Company for $66,400 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26. 2. 3. On April 1, the corporation bought a truck for $53,000 from Sunland Motors Company, paying $4,000 in cash and signing a 1- year, 10% note for the balance of the purchase price. On May 1, the corporation borrowed $79,400 from Chicago National Bank by signing a $88,520 zero-interest-bearing note due 1 year from May 1. (a) Your answer is partially correct. Make all the journal entries necessary to record the transactions above using appropriate dates. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation February 2 Purchases Accounts Payable February 26 Accounts Payable Cash April 1 Trucks Cash Notes Payable May 1 Cash eTextbook and Media List of Accounts Save for Later Debit 65072 65072 53000 79400 Discount on Notes Payable 9120 Notes Payable Cred Attempts: 1 of 3 used Submit Answer
Transcribed Image Text:Show Attempt History Current Attempt in Progress Described below are certain transactions of Sunland Corporation. The company uses the periodic inventory system. 1. On February 2, the corporation purchased goods from Bramble Company for $66,400 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26. 2. 3. On April 1, the corporation bought a truck for $53,000 from Sunland Motors Company, paying $4,000 in cash and signing a 1- year, 10% note for the balance of the purchase price. On May 1, the corporation borrowed $79,400 from Chicago National Bank by signing a $88,520 zero-interest-bearing note due 1 year from May 1. (a) Your answer is partially correct. Make all the journal entries necessary to record the transactions above using appropriate dates. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation February 2 Purchases Accounts Payable February 26 Accounts Payable Cash April 1 Trucks Cash Notes Payable May 1 Cash eTextbook and Media List of Accounts Save for Later Debit 65072 65072 53000 79400 Discount on Notes Payable 9120 Notes Payable Cred Attempts: 1 of 3 used Submit Answer
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
SEE MORE TEXTBOOKS