View PoliciesCurrent Attempt in ProgressThe following are selected 2025 transactions of Tamarisk Corporation.Sept. 1Oct. 1Oct. 1Purchased inventory from Encino Company on account for $48,000. Tamarisk records purchases gross and uses aperiodic inventory system.Issued a $48,000, 12-month, 8% note to Encino in payment of account.Borrowed $48,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $51,840 note.

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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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The following are selected 2025 transactions of Sunland Corporation. Sept. 1 Oct. 1 Oct. 1 (a) Purchased inventory from Encino Company on account for $30,000. Sunland records purchases gross and uses a periodic inventory system. Issued a $30,000. 12-month, 8% note to Encino in payment of account. Borrowed $30,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $32.400 note. Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
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The following are selected 2025 transactions of Nash Corporation. Sept. 1 Purchased inventory from Encino Company on account for $58,500. Nash records purchases gross and uses a periodic inventory system. Issued a $58,500, 12-month, 8% note to Encino in payment of account. Borrowed $58.500 from the Shore Bank by signing a 12-month, zero-interest-bearing $63,180 note. Oct. 1 Oct. 1 (a) Your answer is correct. Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement, List all debit entries before credit entries) Date September 1 v Date September 1 October 11 Account Titles and Explanation October 1 v Purchases Accounts Payable Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry for…
The following are selected 2025 transactions of Whispering Corporation. Sept. 1 Oct. 1 Oct. 1 (a) Purchased inventory from Encino Company on account for $39,000. Whispering records purchases gross and uses a periodic inventory system. Issued a $39,000, 12-month, 8% note to Encino in payment of account. Borrowed $39,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $42,120 note. Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
The following are selected 2020 transactions of Culver Corporation. Sept. Purchased inventory from Encino Company on account for $46,800. Culver records purchases gross and uses a periodic inventory system. 1 Issued a $46,800, 12-month, 8% note to Encino in payment of account. Oct. 1 Oct. 1 Borrowed $46,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $49,920 note. Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement.) Account Titles and Explanation Date October 1 Debit Credit
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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 Date Oct. 1 v Oct. 1 Oct. 1 Jan, 1 Oct. 1 V Account Titles and Explanation Flint Note Purchases Accounts Payable Cash Interest Expense Notes…
Instructions The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. Apr. Jun. Jul. Aug. Dec. 1 Purchased merchandise on account from Kirkwood Co., $390,000, terms n/30. 31 Issued a 30-day, 10% note for $390,000 to Kirkwood Co., on account. 30 Paid Kirkwood Co. the amount owed on the note of March 31. 1 Borrowed $156,000 from Triple Creek Bank, issuing a 45-day, 8% note. 1 Purchased tools by issuing a $216,000, 60-day note to Poulin Co., which discounted the note at the rate of 6%. 16 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. 1 Purchased equipment from Greenwood Co. for $500,000, paying $150,000 cash and issuing a series of ten 8% notes for $35,000 each, coming due at 30-day intervals. Settled a product liability lawsuit with a customer for $310,000, payable in January. Accrued the loss in a litigation claims payable account. Paid the amount due…
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Current Attempt in Progress Ivanhoe Supply Co. has the following transactions: Nov. 1 15 Dec. 1 15 31 Mar. 1 June 15 Loaned $61,200 cash to A. Morgan on a one-year, 7% note. Sold goods to H. Giorgi on account for $14,400, terms n/30. The goods cost Ivanhoe $9,000. Ivanhoe uses the perpetual inventory system. Sold goods to Wrightman Inc., receiving a $24,000, three-month, 5% note. The goods cost Ivanhoe $16,000. H. Giorgi was unable to pay her account. Giorgi gave Ivanhoe a six-month, 6% note in settlement of her account. Accrued interest revenue on all notes receivable. Interest is due at maturity. Collected the amount owing on the Wrightman note. H. Giorgi defaulted on the note. Future payment is expected. Record the transactions for Ivanhoe Supply Co. (Credit account titles are automatically indented when the amount is entered. Do not indent

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