The following transactions occurred during 2021 for the Beehive Honey Corporation: Feb. 1 Borrowed $14,e00 from a bank and signed a note. Principal and interest at 9% will be paid on January 31, 2022. Apr. 1 Paid $4,000 to an insurance company for a two-year fire insurance policy. July 17 Purchased supplies costing $3,e00 on account. The company records supplies purchased in an asset account. At the year-end on December 31, 2021, supplies costing $1,35e remained on hand. Nov. 1 A customer borrowed $6,600 and signed a note requiring the customer to pay principal and 7% interest on April 30, 2022. RequIred: 1. Record each transaction in general journal form. 2. Prepare any necessary adjusting entries at the year-end on December 31, 2021. No adjusting entries were recorded during the year for any item.
The following transactions occurred during 2021 for the Beehive Honey Corporation: Feb. 1 Borrowed $14,e00 from a bank and signed a note. Principal and interest at 9% will be paid on January 31, 2022. Apr. 1 Paid $4,000 to an insurance company for a two-year fire insurance policy. July 17 Purchased supplies costing $3,e00 on account. The company records supplies purchased in an asset account. At the year-end on December 31, 2021, supplies costing $1,35e remained on hand. Nov. 1 A customer borrowed $6,600 and signed a note requiring the customer to pay principal and 7% interest on April 30, 2022. RequIred: 1. Record each transaction in general journal form. 2. Prepare any necessary adjusting entries at the year-end on December 31, 2021. No adjusting entries were recorded during the year for any item.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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journalise all transactions and give
Transcribed Image Text:The following transactions occurred during 2021 for the Beehive Honey Corporation:
Feb. 1 Borrowed $14,000 from a bank and signed a note. Principal and interest at 9% will be paid on January 31, 2022.
Apr. 1 Paid $4,000 to an insurance company for a two-year fire insurance policy.
July 17 Purchased supplies costing $3,000 on account. The company records supplies purchased in an asset account. At the year-end
on December 31, 2021, supplies costing $1,350 remained on hand.
Nov. 1 A customer borrowed $6, 600 and signed a note requiring the customer to pay principal and 7% interest on April 30, 2022.
Requlred:
1. Record each transaction in general journal form.
2. Prepare any necessary adjusting entries at the year-end on December 31, 2021. No adjusting entries were recorded during the year
for any item.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Record each transaction in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the
first account field.)
View transaction list
Journal entry worksheet
1
3
>
2
4
Borrowed $14,000 from a bank and signed a note. Principal and interest at 9%
will be paid on January 31, 2022.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Feb 01, 2021
Record entry
Clear entry
View general journal
Required 1
Required 2 >
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