TB MC Qu. 07-116 (Algo) Giorgio Italian Market bought...Giorgio Italian Market bought $5,200 worth of merchandise from Food Suppliers and signed a 90-day, 6%promissory note for the $5,200. Food Supplier's journal entry to record the collection on the maturity date is:(Use 360 days a year.)kMultiple ChoiceicesDebit Cash $5,278; credit Notes Receivable $5,278Debit Notes Receivable $5,200; credit Cash $5,200Debit Cash $5,200; debit Interest Receivable $78; credit Sales $5,278Debit Notes Receivable $5,278; credit Sales $5,278< Prev11 of 20NextMAR15étyMacBook Air80DDF2F3F4F5F6F7F8F9@%232$%&24578WTY< cO

A journal entry is used to record a commercial transaction in the accounting records of a…

TB MC Qu. 07-116 (Algo) Giorgio Italian Market bought... Giorgio Italian Market bought $5,200 worth of merchandise from Food Suppliers and signed a 90-day, 6% promissory note for the $5,200. Food Supplier's journal entry to record the collection on the maturity date is: (Use 360 days a year.) Multiple Choice Debit Cash $5,278; credit Notes Receivable $5,278 Debit Notes Receivable $5,200; credit Cash $5,200 O Debit Cash $5,200; debit Interest Receivable $78; credit Sales $5,278 Debit Notes Receivable $5,278; credit Sales $5,278

TB MC Qu. 07-116 (Algo) Giorgio Italian Market bought... Giorgio Italian Market bought $5,200 worth of merchandise from Food Suppliers and signed a 90-day, 6% promissory note for the $5,200. Food Supplier's journal entry to record the collection on the maturity date is: (Use 360 days a year.) Multiple Choice Debit Cash $5,278; credit Notes Receivable $5,278 Debit Notes Receivable $5,200; credit Cash $5,200 O Debit Cash $5,200; debit Interest Receivable $78; credit Sales $5,278 Debit Notes Receivable $5,278; credit Sales $5,278

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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The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. 1 Purchased merchandise on account from Kirkwood Co., $175,000, terms n/30. 31 Issued a 30-day, 6% note for $175,000 to Kirkwood Co., on account. Apr. 30 Paid Kirkwood Co. the amount owed on the note of March 31. Jun. 1 Borrowed $400,000 from Triple Creek Bank, issuing a 45-day, 5% note. Jul. 1 Purchased tools by issuing a $45,000, 60-day note to Poulin Co., which discounted the note at the rate of 7%. 16 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 6% note for $400,000. (Journalize both the debit and credit to the notes payable account.) Aug. 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. Dec. 1 Purchased equipment from Greenwood Co. for $260,000, paying $40,000 cash and issuing a series of ten 9% notes for…