Journalize and post noteP11-2CThe following are selected transactions of Glazer Company. Glazer prepares financialtransactions and show balancestatements quarterly.sheet presentation.(SO 2)2 Purchased merchandise on account from Alicea Company, $18,000, terms 2/10, n/30.Issued a 10%,2-month, $18,000 note to Alicea in payment of account.Jan.Feb.1Mar. 31Accrued interest for 2 months on Alicea note.Apг. 1JulyPaid face value and interest on Alicea note.Purchased equipment from Vincent Equipment paying $11,000 in cash and signing a10%, 3-month, $36,000 note.1Sept. 30Oct.Accrued interest for 3 months on Vincent note.1 Paid face value and interest on Vincent note.Borrowed $20,000 from the Associated Bank by issuing a 3-month, 12%-interest-bearingnote with a face value of $20,000.Dec.1Dec. 31 Recognized interest expense for 1 month on Associated Bank note.Instructions(a) Prepare journal entries for the above transactions and events.(b) Post to the accounts, Notes Payable, Interest Payable, and Interest Expense.(c) Show the balance sheet presentation of notes and interest payable at December 31.(d) What is total interest expense for the year?(d) $1,400

(a) Date Particulars Debit Credit Jan. 2 Merchandise Inventory or Purchases $18000…

P11-2C The following are selected transactions of Glazer Company. Glazer prepares financial statements quarterly. Jan. 2 Purchased merchandise on account from Alicea Company, $18,000, terms 2/10, n/30. Feb. 1 Issued a 10%,2-month, $18,000 note to Alicea in payment of account. Mar. 31 Accrued interest for 2 months on Alicea note. Apr. 1 Paid face value and interest on Alicea note. July Purchased equipment from Vincent Equipment paying $11,000 in cash and signing a 10%,3-month, $36,000 note. Sept. 30 Accrued interest for 3 months on Vincent note. Oct. 1 Paid face value and interest on Vincent note. Dec. 1 Borrowed $20,000 from the Associated Bank by issuing a 3-month, 12%-interest-bearing note with a face value of $20,000. Dec. 31 Recognized interest expense for 1 month on Associated Bank note. Instructions (a) Prepare journal entries for the above transactions and events. (b) Post to the accounts, Notes Payable, Interest Payable, and Interest Expense. (c) Show the balance sheet presentation of notes and interest payable at December 31. (d) What is total interest expense for the year?

P11-2C The following are selected transactions of Glazer Company. Glazer prepares financial statements quarterly. Jan. 2 Purchased merchandise on account from Alicea Company, $18,000, terms 2/10, n/30. Feb. 1 Issued a 10%,2-month, $18,000 note to Alicea in payment of account. Mar. 31 Accrued interest for 2 months on Alicea note. Apr. 1 Paid face value and interest on Alicea note. July Purchased equipment from Vincent Equipment paying $11,000 in cash and signing a 10%,3-month, $36,000 note. Sept. 30 Accrued interest for 3 months on Vincent note. Oct. 1 Paid face value and interest on Vincent note. Dec. 1 Borrowed $20,000 from the Associated Bank by issuing a 3-month, 12%-interest-bearing note with a face value of $20,000. Dec. 31 Recognized interest expense for 1 month on Associated Bank note. Instructions (a) Prepare journal entries for the above transactions and events. (b) Post to the accounts, Notes Payable, Interest Payable, and Interest Expense. (c) Show the balance sheet presentation of notes and interest payable at December 31. (d) What is total interest expense for the year?

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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Subject : Accounting
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