Question
1.On July 1 st , 2009, Charles Limited purchased $178,000 of Equipment from Callaghan Limited , on account, using a 6- month Note Payable- 8%.
1.On July 1st, 2009, Charles Limited purchased $178,000 of Equipment from Callaghan Limited, on account, using a 6- month Note Payable- 8%.
The account was paid in full on the maturity date of the Note.
Required:
a.Prepare Journal Entries to record the Purchase by Charles Ltd.
July 1
| Account | Debit | Credit |
|
|
|
|
Dec 31. Payment, including Interest
| Account | Debit | Credit |
|
|
|
|
Prepare Journal Entries to record the following transactions for Herman Inc... Herman prepares Adjusting Entries at the end of each month.
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Issues In Management Accounting
Authors: Trevor Hopper, Robert W. Scapens, Deryl Northcott
3rd Edition
0273702572, 978-0273702573
