Prepare general journal entries for the following transactions: June 15 Purchased $6,000 worth of equipment from a

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Prepare general journal entries for the following transactions:

June 15 Purchased $6,000 worth of equipment from a supplier on account.

July 15 Issued a $6,000, 30-day, 12% note in payment of the account payable.

Aug. 14 Paid $600 cash plus interest to the supplier, extending the note for 30 days from August 14.

Sept. 13 Paid the note in full.

27 Issued a $5,000, 60-day, 10% note to a supplier for purchase of merchandise.

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College Accounting

ISBN: 978-0538745192

20th Edition

Authors: Heintz and Parry

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Question Posted: Dec 21, 2011 10:16 AM

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Prepare general journal entries for the following transactions: June 15 Purchased $6,000 worth of equipment from a

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DATE 20 June 15 Equipment Accounts Payable DESCRIPTION July 15 Accounts Payable No...View the full answer

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