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The following are selected 2023 transactions of Concord Corporation Purchased inventory from Bramble Lnd on account for $43.600 Concord uses a periodic inventory system Issued a $43.600 12-month note to Bramble in payment of Concord's account Oct 1 1 Borrowed $76.000 from the bank by signing a 12-month non-interest-bearing $60.200 note (a) Prepare journal entries for the selected transactions above (Credit account sites are automatically indented when the amounts entered. Do not indent manuallyList all debit entries before credit entries. Eno entry is required, select "No Entry" for the accounties and enter for the amounts) Date Account Titles and Explanation (Settlement of accounts payable by sung) Debit Credit c. Calculate the net liability, in total, to be reported on the December 31, 2023 SFP for (1) the interest-bearing note, and (2) the non-interest-bearing note. (1) The interest-bearing note (2) The non-interest-bearing note

The following are selected 2023 transactions of Concord Corporation Purchased inventory from Bramble Lnd on account for $43.600 Concord uses a periodic inventory system Issued a $43.600 12-month note to Bramble in payment of Concord's account Oct 1 1 Borrowed $76.000 from the bank by signing a 12-month non-interest-bearing $60.200 note (a) Prepare journal entries for the selected transactions above (Credit account sites are automatically indented when the amounts entered. Do not indent manuallyList all debit entries before credit entries. Eno entry is required, select "No Entry" for the accounties and enter for the amounts) Date Account Titles and Explanation (Settlement of accounts payable by sung) Debit Credit c. Calculate the net liability, in total, to be reported on the December 31, 2023 SFP for (1) the interest-bearing note, and (2) the non-interest-bearing note. (1) The interest-bearing note (2) The non-interest-bearing note

FINANCIAL ACCOUNTING
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 are selected 2023 transactions of Concord Corporation. Sept. 1 Oct. 1 1 (a) Purchased inventory from Bramble Ltd. on account for $43,600. Concord uses a periodic inventory system. Issued a $43,600, 12-month, 8% note to Bramble in payment of Concord's account. Borrowed $76,800 from the bank by signing a 12-month, non-interest-bearing $80,200 note. Prepare journal entries for the selected transactions above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Date Date Account Titles and Explanation v (Settlement of accounts payable by issuing a note) b. Prepare adjusting entries at December 31, 2023 (Borrowed cash and issued a note) Account Titles and Explanation (To accrue interest expense on 8% note) (To accrue interest expense on non-interest-bearing note) Debit Debit Credit Credit c. Calculate the net liability, in total, to be reported on the December 31, 2023 SFP for (1) the interest-bearing note, and (2) the non-interest-bearing note. (1) The interest-bearing note (2) The non-interest-bearing note
Transcribed Image Text:The following are selected 2023 transactions of Concord Corporation. Sept. 1 Oct. 1 1 (a) Purchased inventory from Bramble Ltd. on account for $43,600. Concord uses a periodic inventory system. Issued a $43,600, 12-month, 8% note to Bramble in payment of Concord's account. Borrowed $76,800 from the bank by signing a 12-month, non-interest-bearing $80,200 note. Prepare journal entries for the selected transactions above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Date Date Account Titles and Explanation v (Settlement of accounts payable by issuing a note) b. Prepare adjusting entries at December 31, 2023 (Borrowed cash and issued a note) Account Titles and Explanation (To accrue interest expense on 8% note) (To accrue interest expense on non-interest-bearing note) Debit Debit Credit Credit c. Calculate the net liability, in total, to be reported on the December 31, 2023 SFP for (1) the interest-bearing note, and (2) the non-interest-bearing note. (1) The interest-bearing note (2) The non-interest-bearing note
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