These are selected transactions of Bramble Company. Bramble prepares financial statements quarterly. Purchased merchandise on account from Nunez Company, $26,000, terms 2/10, n/30. (Bramble uses the perpetual inventory system.) Issued a 9%, 2-month, $26,000 note to Nunez in payment of account. Accrued interest for 2 months on Nunez note. Apr. Paid face value and interest on Nunez note. July 1 Purchased equipment from Marson Equipment paying $11,000 in cash and signing a 10%, 3-month, $49,200 note. Sept. 30 Accrued interest for 3 months on Marson note. Paid face value and interest on Marson note. Borrowed $18,000 from the Paola Bank by issuing a 3-month, 8% note with a face value of $18,000. Jan. Feb. Mar. Oct. Dec. Dec. 2 1 31 1 1 1 31 Recognized interest expense for 1 month on Paola Bank note.

These are selected transactions of Bramble Company. Bramble prepares financial statements quarterly. Purchased merchandise on account from Nunez Company, $26,000, terms 2/10, n/30. (Bramble uses the perpetual inventory system.) Issued a 9%, 2-month, $26,000 note to Nunez in payment of account. Accrued interest for 2 months on Nunez note. Apr. Paid face value and interest on Nunez note. July 1 Purchased equipment from Marson Equipment paying $11,000 in cash and signing a 10%, 3-month, $49,200 note. Sept. 30 Accrued interest for 3 months on Marson note. Paid face value and interest on Marson note. Borrowed $18,000 from the Paola Bank by issuing a 3-month, 8% note with a face value of $18,000. Jan. Feb. Mar. Oct. Dec. Dec. 2 1 31 1 1 1 31 Recognized interest expense for 1 month on Paola Bank note.

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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