Nifty Company entered into the following transactions involving short-term liabilities during 2014 and 2015. Required Prepare journal
Question:
Required
Prepare journal entries to record these transactions for NiftyCompany.
Transcribed Image Text:
2014 Feb 4 Purchased merchandise on credit from Shafai Products for $68,600. The terms were 2/10, n/60. Assume Nifty uses a perpetual inventory system; ignore sales taxes Borrowed $215,000 from the First Provincial Bank by signing a note payable for 30 days at 3.5% Paid the First Provincial Bank note Gave Shafai Products $18,600 cash and a $50,000, 30-day, 5% note to secure an extension on Nifty's past-due account. Paid the note given to Shafai on April 5 Borrowed $216,000 at First Provincial Bank by signing a note payable for 60 days at 4% Borrowed money at the Bank of Montreal by giving a $300,000, 90-day, 5% note payable Recorded an adjusting entry for the accrual of interest on the note to the First Provincial Bank. Recorded an adjusting entry for the accrual of interest on the note to the Bank of Montreal Mar. 2 1 5 May Nov. 5 16 Dec. 1 31 31 Jan Mar 2015 15 1 Paid the November 16 note to First Provincial Bank. Paid the principal and interest on the December 1 note given to the Bank of Montreal
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 64% (14 reviews)
tr msoheightsourceauto col msowidthsourceauto br msodataplacementsamecell style0 msonumberformatGeneral textaligngeneral verticalalignbottom whitespacenowrap msorotate0 msobackgroundsourceauto msopatt...View the full answer
Answered By
Aysha Ali
my name is ayesha ali. i have done my matriculation in science topics with a+ . then i got admission in the field of computer science and technology in punjab college, lahore. i have passed my final examination of college with a+ also. after that, i got admission in the biggest university of pakistan which is university of the punjab. i am studying business and information technology in my university. i always stand first in my class. i am very brilliant client. my experts always appreciate my work. my projects are very popular in my university because i always complete my work with extreme devotion. i have a great knowledge about all major science topics. science topics always remain my favorite topics. i am also a home expert. i teach many clients at my home ranging from pre-school level to university level. my clients always show excellent result. i am expert in writing essays, reports, speeches, researches and all type of projects. i also have a vast knowledge about business, marketing, cost accounting and finance. i am also expert in making presentations on powerpoint and microsoft word. if you need any sort of help in any topic, please dont hesitate to consult with me. i will provide you the best work at a very reasonable price. i am quality oriented and i have 5 year experience in the following field.
matriculation in science topics; inter in computer science; bachelors in business and information technology
_embed src=http://www.clocklink.com/clocks/0018-orange.swf?timezone=usa_albany& width=200 height=200 wmode=transparent type=application/x-shockwave-flash_
4.40+
11+ Reviews
14+ Question Solved
Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1259066511
14th Canadian Edition
Authors: Larson Kermit, Jensen Tilly
Question Posted:
Students also viewed these Accounting questions
-
The High Level Company entered into the following transactions involving short-term liabilities during 2014 and 2015: Required 1. Determine the maturity dates of the three notes just described. 2....
-
Prepare journal entries to record these transactions: (a) Morrell Corporation disposed of two computers at the end of their useful lives. The computers had cost $ 4,800 and their Accumulated...
-
Prepare journal entries to record these transactions: Mar. 21 Accepted a $6,200, six-month, 4% note dated today from Bradley Brooks in granting a time extension on his past-due account. Sept. 21...
-
Many areas have attempted to increase the amount of recycled waste lubricating oil by requiring service stations to serve as collection centers or by instituting deposit-refund systems. On what...
-
Is it possible to find a number n such that
-
a. When is a change in an accounting principle made in conformity with GAAP? b. What circumstances resultin a change in an accounting principle under the consistency standard?
-
16-5. Indique si una tienda con ropa para hombre de medidas grandes, con pantalones de las tallas 40-60, tiene una lnea de productos amplia o profunda.
-
The Bayview Resort has three operating departmentsthe Convention Center, Food Services, and Guest Lodgingthat are supported by three service departments General Administration, Cost Accounting, and...
-
Your firm is contemplating the purchase of a new model commercial airplane which is more fuel efficient that the models your firm is currently flying. On the basis of capital budgeting techniques...
-
You play two games against the same opponent. The probability you win the first game is 0.4. If you win the first game, the probability you also win the second is 0.2. If you lose the first game, the...
-
Merano Wool Company manufactures clothing from merino wool. The person preparing the adjusting entries at year-end left for a vacation prior to completing the adjustments. You have been given the...
-
Mike Thatcher is a sales manager for an automobile dealership in Alberta. Mike earns a bonus each year based on revenue generated by the number of vehicles sold in the year less related warranty...
-
Design a system of onscreen display icons with readily recognizable shapes that allows account executives in brokerage houses to determine at a glance what actions (if any) need to be taken on a...
-
Carla Vista Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2025, the following balances relate to this plan Plan assets $489,900 Projected benefit obligation 616,700...
-
Question 2 of 8 Shirts were purchased for $12.50 each and were marked up by $18.75. During Christmas, they were discounted by $6.85 per shirt. a. What was the rate of markdown? % Round to two decimal...
-
The cost versus quality decision is one that only few companies get right. What is the cost of quality? It is very high for some companies such as Ford and Bridgestone/Firestone, whose reputations...
-
Find the absolute maximum and absolute minimum values of the function f(x) (x-2)(x-5)+7 = on each of the indicated intervals. Enter 'NONE' for any absolute extrema that does not exist. (A) Interval =...
-
4. Roll one 10-sided die 12 times. The probability of getting exactly 4 eights in those 12 rolls is given by (a) 10 9 4 10 10 (b) HA 9 -HAA (c) 1 (d) 9 (c) 10 9 () 10
-
EX 7.14 Draw a UML class diagram that shows the relationships among the elements of Exercise 7.13
-
AB CORPORATION ISSUED THE FOLLOWING 850 COMMON STOCKS PAR VALUE P100 750 PARTICIPATING PREFERRED STOCKS PAR VALUE P100 AT 3% AB CORPORATION DECLARED P100,000.00 DIVIDEND IN 2022.
-
What are the three primary methods used to perform DCF calculations?
-
Calculate and interpret the days? sales uncollected for 2020 and 2019 based on the following selected information for Lumbar Cushions Company (round to two decimal places): 2020 2019 $ 220,000...
-
Outdoor Play Inc. reported the following facts in its 2020 annual report: net sales of $9,683 million for 2019 and $9,050 million for 2020; total end-of-year assets of $10,690 million for 2019 and...
-
Refer to Spin Masters balance sheet shown in Appendix II. First, find the Cash balances on December, 2016, and December 31, 2017, and calculate the change in Cash. Next, refer to Spin Masters...
-
Docs Auto Body has budgeted the costs of the following repair time and parts activities for 2009: Doc's budgets 6,000 hours of repair time in 2009. A profit margin of $7 per labour hour will be added...
-
QUESTION 28 In a perpetual inventory system, the cost of inventory sold is: Debited to accounts receivable. Debited to cost of goods sold. O Not recorded at the time goods are sold. O Credited to...
-
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $105,709 69,500 66,800 4,700 246,700 127,eee...
Study smarter with the SolutionInn App