Question
3. The following transactions occurred during 2016 for the Beehive Honey Corporation: Feb. 1 Borrowed $27,000 from a bank and signed a note. Principal and
3. The following transactions occurred during 2016 for the Beehive Honey Corporation: |
Feb. 1 | Borrowed $27,000 from a bank and signed a note. Principal and interest at 8% will be paid on January 31, 2017. |
Apr. 1 | Paid $6,600 to an insurance company for a two-year fire insurance policy. |
July 17 | Purchased supplies costing $4,300 on account. The company records supplies purchased in an asset account. At the December 31, 2016, year-end, supplies costing $2,000 remained on hand. |
Nov. 1 | A customer borrowed $6,300 and signed a note requiring the customer to pay principal and 6% interest on April 30, 2017. |
Required: |
1. | Record each transaction in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) |
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