The following are selected 2020 transactions of Teal Corporation.Purchased inventory from Ripken Company on account for $125,000. Teal records purchases gross and uses aperiodic inventory system.Sept. 1Issued a $125,000, 12-month, 12% note to Ripken in payment of account.Borrowed $125,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $145,000 note.Oct. 1Oct. 1(a)Your answer has been saved. See score details after the due date.Prepare journal entries for the selected transactions above. (If no entry is required, select "NO Entry" for the account titles and enterOfor the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries inthe order displayed in the problem statement.)DateAccount Titles and ExplanationDebitCrediteptember 1 vPurchases125,000Accounts Payable125,000Ictober 1Accounts Payable125,000Notes Payable125,000ober 1Cash125,000Discount on Notes Payable20,000Notes Payable145,000 Your answer has been saved. See score details after the due date.Prepare adjusting entries at December 31. Use straight-line amortization for the discount. (If no entry is required, select "NoEntry" for the account titles and enter O for the amounts. Credit acount titles are automatically indented when amount is entered. Donot indent manually)DateAccount Titles and ExplanationDebitCreditDecember 31Interest Expense3750Interest Payable3750(To record interest on the note)December 31Interest Expense5000Discount on Notes Payable5000(To amortize discount on the note)Attempts: 1 of 1 used(c)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%24

Balance Sheet is the part of financial statement which shows the financial position of the Company…

The following are selected 2020 transactions of Teal Corporation. Purchased inventory from Ripken Company on account for $125,000, Teal records purchases gross and uses a periodic inventory system. Issued a $125,000, 12-month, 12% note to Ripken in payment of account. Borrowed $125,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $145,000 note. Sept. 1 Oct. 1 Oct. 1 (a) Your answer has been saved. See score details after the due date. Prepare journal entries for the selected transactions above. (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. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Credit eptember 1 Purchases 125,000 Accounts Payable 125,000 ctober 1 Accounts Payable 125,000 Notes Payable 125,000 ober 1 Cash 125,000 Discount on Notes Payable 20,000 Notes Payable 145,000

The following are selected 2020 transactions of Teal Corporation. Purchased inventory from Ripken Company on account for $125,000, Teal records purchases gross and uses a periodic inventory system. Issued a $125,000, 12-month, 12% note to Ripken in payment of account. Borrowed $125,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $145,000 note. Sept. 1 Oct. 1 Oct. 1 (a) Your answer has been saved. See score details after the due date. Prepare journal entries for the selected transactions above. (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. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Credit eptember 1 Purchases 125,000 Accounts Payable 125,000 ctober 1 Accounts Payable 125,000 Notes Payable 125,000 ober 1 Cash 125,000 Discount on Notes Payable 20,000 Notes Payable 145,000

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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c. On 9/12 Year 7 $2,000 of ACCOUNTS PAYABLE is paid after the discount period. Phrase 1st: 2nd: Phrase 1st: Account 2nd: Accounts Account Category AL SER E contra AL SER E contra + Accounts Debit Affect d. On 9/28 Year 7 INVENTORY originally purchased for $4,000 on 9/1 Year 7 and was paid for on 9/10 Year 7 is returned by the purchaser and a debit memorandum (a debit to A/P) is received from the seller. [Hint: the amount of cash involved in this transaction must take the 2% discount into account.] Debit + Category AL SE RE contra AL SE RE contra + - + Affect Dr. or Cr. Dr Cr Dr Cr Credit Dr. or Cr. Credit Dr Cr Dr Cr
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Liability Transactions The following items were selected from among the transactions completed by Sherwood Co. during the current year: Feb. 15. Purchased merchandise on account from Kirkwood Co., $144,000, terms n/30. Mar. 17. Issued a 60-day, 8% note for $144,000 to Kirkwood Co., on account. May 16. Paid Kirkwood Co. the amount owed on the note of March 17. June 15. Borrowed $180,000 from Triple Creek Bank, issuing a 60-day, 9% note. July 21. Purchased tools by issuing a $102,000, 90-day note to Poulin Co., which discounted the note at the rate of 8%. Aug. 14. Paid Triple Creek Bank the interest due on the note of June 15 and renewed the loan by issuing a new 60-day, 10% note for $180,000. (Journalize both the debit and credit to the notes payable account.) Oct. 13. Paid Triple Creek Bank the amount due on the note of August 14. Oct. 19. Paid Poulin Co. the amount due on the note of July 21. Dec. 1. Purchased office equipment from Greenwood Co. for $96,000,…
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Prepare the balance sheet for 2019
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