The following are selected 2023 transactions of Whispering Winds Corporation. Purchased inventory from Flint Ltd. on account for $42,800. Whispering Winds uses a periodic inventory system. Issued a $42,800, 12-month, 8% note to Flint in payment of Whispering Winds's account. Borrowed $75,300 from the bank by signing a 12-month, non-interest-bearing $80,300 note. Prepare the journal entries for the payment of the notes at maturity, assuming the Whispering Winds uses reversing entries. (Show the reversing entries at January 1, 2024.) (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. Record journal entries in the order presented in the problem.) Sept. 1 Oct. 1 1

The following are selected 2023 transactions of Whispering Winds Corporation. Purchased inventory from Flint Ltd. on account for $42,800. Whispering Winds uses a periodic inventory system. Issued a $42,800, 12-month, 8% note to Flint in payment of Whispering Winds's account. Borrowed $75,300 from the bank by signing a 12-month, non-interest-bearing $80,300 note. Prepare the journal entries for the payment of the notes at maturity, assuming the Whispering Winds uses reversing entries. (Show the reversing entries at January 1, 2024.) (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. Record journal entries in the order presented in the problem.) Sept. 1 Oct. 1 1

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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of 5 Ok nces Required information [The following information applies to the questions displayed below.] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $35,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,000 note payable along with paying $0 in cash. July 8 Borrowed $54,000 cash from NBR Bank by signing a 120-day, 11%, $54,000 note payable. Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NBR Bank at the maturity date. November 28 Borrowed $27,000 cash from Fargo Bank by signing a 60-day, 8%, $27,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 _? Paid the amount due on the note to Fargo Bank at the maturity date. 2. Determine the interest due at maturity for each of the three notes. Note: Do not round intermediate…