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.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 2RE: Use the same information in RE9-1 except that the note is not interest bearing. Assume that the note...
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These are selected transactions of Bramble Company. Bramble prepares financial statements quarterly.
Jan.
Feb.
Mar.
Dec.
2
Dec.
1
31
Apr.
July
Sept. 30
Oct.
1
1
1
1
31
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.
Paid face value and interest on Nunez note.
Purchased equipment from Marson Equipment paying $11,000 in cash and signing a 10%, 3-month, $49,200 note.
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.
Recognized interest expense for 1 month on Paola Bank note.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7f5562d6-49ce-4c9c-a9b7-824e476f5d05%2F94c2058a-e11b-4917-ba1f-550ab7b7f9e8%2Fjwsdzoo_processed.png&w=3840&q=75)
Transcribed Image Text:Current Attempt in Progress
These are selected transactions of Bramble Company. Bramble prepares financial statements quarterly.
Jan.
Feb.
Mar.
Dec.
2
Dec.
1
31
Apr.
July
Sept. 30
Oct.
1
1
1
1
31
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.
Paid face value and interest on Nunez note.
Purchased equipment from Marson Equipment paying $11,000 in cash and signing a 10%, 3-month, $49,200 note.
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.
Recognized interest expense for 1 month on Paola Bank note.
![Prepare journal entries for the listed transactions and events. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order pr
the problem.)
Date
Account Titles and Explanation
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7f5562d6-49ce-4c9c-a9b7-824e476f5d05%2F94c2058a-e11b-4917-ba1f-550ab7b7f9e8%2Fmxv59f9_processed.png&w=3840&q=75)
Transcribed Image Text:Prepare journal entries for the listed transactions and events. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order pr
the problem.)
Date
Account Titles and Explanation
Debit
Credit
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