View Policies Current Attempt in Progress The following are selected 2025 transactions of Tamarisk Corporation. Sept. 1 Oct. 1 Oct. 1 Purchased inventory from Encino Company on account for $48,000. Tamarisk records purchases gross and uses a periodic 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.

View Policies Current Attempt in Progress The following are selected 2025 transactions of Tamarisk Corporation. Sept. 1 Oct. 1 Oct. 1 Purchased inventory from Encino Company on account for $48,000. Tamarisk records purchases gross and uses a periodic 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.

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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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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Subject: accounting
hsl.1
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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ACRS Hudson Corporation's balance sheet at December 31, 2021, is presented below. Hudson Corporation Balance Sheet December 31, 2021 Cash Accounts receivable Allowance for doubtful accounts Inventory 3 8 11 15 17 21 24 $13,100 19,780 (800) During January 2022, the following transactions occurred. Hudson uses the perpetual inventory method. Jan. 1 Hudson accepted a 4-month, 8% note from Betheny Company in payment of Betheny's $1,200 account. Hudson wrote off as uncollectible the accounts of Walter Corporation ($450) and Drake Company ($280). Hudson purchased $17,200 of inventory on account. 9,400 $41,480 Accounts payable Common stock Retained earnings $ 8,750 20,000 12,730 27 31 Hudson paid other operating expenses, $3,218. $41,480 Hudson sold for $25,000 on account inventory that cost $17,500. Hudson sold inventory that cost $700 to Jack Rice for $1,000. Rice charged this amount on his Visa First Bank card. The service fee charged Hudson by First Bank is 3%. Hudson collected $22,900…
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