Prepare general journal entries for the following transactions: May 1 Purchased $5,000 worth of equipment from a
Question:
Prepare general journal entries for the following transactions:
May 1 Purchased $5,000 worth of equipment from a supplier on account.
June 1 Issued a $5,000, 30-day, 10% note in payment of the account payable.
July 1 Paid $500 cash plus interest to the supplier, extending the note for 30 days from July 1.
31 Paid the note in full.
Aug. 10 Issued a $3,500, 60-day, 9% note to a supplier for purchase of merchandise.
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DATE 20 May 1 Equipment DESCRIPTION Accounts Payable June 1 Accounts Payable Notes ...View the full answer
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