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The following are selected 2023 transactions of Marigold Corporation. Sept. 1 Oct. 1 1 (a) Prepare the journal entries for the payment of the notes at maturity. Assume no other accruals of interest were recorded since the December 31, 2023 year end. (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 0 for the amounts.) Purchased inventory from Monty Ltd. on account for $42,800. Marigold uses a periodic inventory system. Issued a $42,800, 12-month, 9% note to Monty in payment of Marigold's account. Borrowed $76,800 from the bank by signing a 12-month, non-interest-bearing $80,900 note. Date Account Titles and Explanation Oct. 1/24 Oct. 1/24 Oct. 1/24 (To record repayment of note) (To accrue interest expense on non-interest- bearing note) (To record repayment of non-interest-bearing note) Show Transcribed Text Debit 11 Credit

The following are selected 2023 transactions of Marigold Corporation. Sept. 1 Oct. 1 1 (a) Prepare the journal entries for the payment of the notes at maturity. Assume no other accruals of interest were recorded since the December 31, 2023 year end. (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 0 for the amounts.) Purchased inventory from Monty Ltd. on account for $42,800. Marigold uses a periodic inventory system. Issued a $42,800, 12-month, 9% note to Monty in payment of Marigold's account. Borrowed $76,800 from the bank by signing a 12-month, non-interest-bearing $80,900 note. Date Account Titles and Explanation Oct. 1/24 Oct. 1/24 Oct. 1/24 (To record repayment of note) (To accrue interest expense on non-interest- bearing note) (To record repayment of non-interest-bearing note) Show Transcribed Text Debit 11 Credit

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 Marigold Corporation. Sept. 1 Oct. 1 (a) 1 Prepare the journal entries for the payment of the notes at maturity. Assume no other accruals of interest were recorded since the December 31, 2023 year end. (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 0 for the amounts.) Purchased inventory from Monty Ltd. on account for $42,800. Marigold uses a periodic inventory system. Issued a $42,800, 12-month, 9% note to Monty in payment of Marigold's account. Borrowed $76,800 from the bank by signing a 12-month, non-interest-bearing $80,900 note. Date Account Titles and Explanation Oct. 1/24 Oct. 1/24 Oct. 1/24 (To record repayment of note) (To accrue interest expense on non-interest- bearing note) (To record repayment of non-interest-bearing note) Show Transcribed Text Debit ||| Credit please follow the template that is provided, and it's for october 1, so don't just follow other answers that were posted
Transcribed Image Text:The following are selected 2023 transactions of Marigold Corporation. Sept. 1 Oct. 1 (a) 1 Prepare the journal entries for the payment of the notes at maturity. Assume no other accruals of interest were recorded since the December 31, 2023 year end. (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 0 for the amounts.) Purchased inventory from Monty Ltd. on account for $42,800. Marigold uses a periodic inventory system. Issued a $42,800, 12-month, 9% note to Monty in payment of Marigold's account. Borrowed $76,800 from the bank by signing a 12-month, non-interest-bearing $80,900 note. Date Account Titles and Explanation Oct. 1/24 Oct. 1/24 Oct. 1/24 (To record repayment of note) (To accrue interest expense on non-interest- bearing note) (To record repayment of non-interest-bearing note) Show Transcribed Text Debit ||| Credit please follow the template that is provided, and it's for october 1, so don't just follow other answers that were posted
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