View Policies Current Attempt in Progress Wildhorse Supply Co. has the following transactions: Nov. 1 15 Dec. 1 15 31 Mar. 1 June 15 Loaned $66,000 cash to A Morgan on a one-year, 8% note. Sold goods to H. Giorgi on account for $12,000, terms n/30. The goods cost Wildhorse $7,500. Wildhorse uses the perpetual inventory system. Sold goods to Wrightman Inc., receiving a $21,600, three-month, 6% note. The goods cost Wildhorse $14,400. H. Giorgi was unable to pay her account. Giorgi gave Wildhorse a six-month, 7% 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 Wildhorse Supply Co. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter "0" for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the nmblem"
View Policies Current Attempt in Progress Wildhorse Supply Co. has the following transactions: Nov. 1 15 Dec. 1 15 31 Mar. 1 June 15 Loaned $66,000 cash to A Morgan on a one-year, 8% note. Sold goods to H. Giorgi on account for $12,000, terms n/30. The goods cost Wildhorse $7,500. Wildhorse uses the perpetual inventory system. Sold goods to Wrightman Inc., receiving a $21,600, three-month, 6% note. The goods cost Wildhorse $14,400. H. Giorgi was unable to pay her account. Giorgi gave Wildhorse a six-month, 7% 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 Wildhorse Supply Co. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter "0" for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the nmblem"
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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View Policies
Current Attempt in Progress
Wildhorse Supply Co. has the following transactions:
Nov. 1
15
O
Dec. 1
15
31
Mar. 1
June
15
Loaned $66,000 cash to A. Morgan on a one-year, 8% note.
Sold goods to H. Giorgi on account for $12,000, terms n/30. The goods cost Wildhorse $7,500. Wildhorse uses the
perpetual inventory system.
Record the transactions for Wildhorse Supply Co. (Credit account titles are automatically indented when the amount is entered. Do not
indent manually. If no entry is required, select "No Entry" for the account titles and enter "0" for the amounts. List all debit entries before credit
entries. Record journal entries in the order presented in the problem)
Account Titles
Date
Sold goods to Wrightman Inc., receiving a $21,600, three-month, 6% note. The goods cost Wildhorse $14,400.
H. Giorgi was unable to pay her account. Giorgi gave Wildhorse a six-month, 7% 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.
Debit
Credit
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