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A select list of transactions of Namely Company are listed below: Date Transaction Description 3/1/2022 Issued a $40,000 note to Lake Company in exchange for
A select list of transactions of Namely Company are listed below: Date Transaction Description 3/1/2022 Issued a $40,000 note to Lake Company in exchange for a machine. Lake discounted the note at 9%. The note is due on October 1, 2022. 9/1/2022 Purchased merchandise on account from Aspen Co., $12,000. 10/1/2022 Paid Lake Company the amount due on the note of March 1. Issued a 3-month, 12% note for $12,000 to Aspen Co. on account. 11/1/2022 12/31/2022 Accrued interest on the Aspen Co. note. 2/1/2023 Paid Aspen Co. the amount owed on the note of November 1. Required: Prepare journal entries (journal entry descriptions NOT required) for Namely Company to record the transactions above. If necessary, round all figures to whole dollars. Namely's fiscal year end is December 31st
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