Prepare general journal entries to record these transactions: 1989 Jan. 27 Purchased merchandise on credit from Haller
Question:
Prepare general journal entries to record these transactions:
1989 Jan. 27 Purchased merchandise on credit from Haller Company, invoice dated January 7 , terms \(2 / 10\), n/60, \(\$ 56,160\).
Feb. 18 Borrowed money at City National Bank by discounting our own \(\$ 75,000\) note payable for 60 days at \(12 \%\). Since the note matures before the end of the year, the discount should be charged to Interest Expense.
Apr. 4 Gave Haller Company \(\$ 5,160\) cash and a \(\$ 51,000,60\)-day, \(14 \%\) note to secure an extension on our past-due account.
19 Paid the note discounted at City National Bank on February 18 June 3 Paid the note given Haller Company on April 4.
Nov. 16 Borrowed money at City National Bank by discounting our own \(\$ 90,000\) note payable for 90 days at \(13 \%\).
Dec. 1 Borrowed money at First State Bank by giving a \(\$ 60,000\), 60-day, \(12 \%\) note payable.
31 Made an adjusting entry to record interest on the November 16 note to City National Bank.
31 Made an adjusting entry to record the accrued interest on the December 1 note to First State Bank.
1990 Jan. 30 Paid the December 1 note to First State Bank.
Feb. 14 Paid the November 16 note to City National Bank.
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