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Alpha Company prepares quarterly adjusting entries & has a fiscal year end of December 31. The following events occurred in FY 2017: Oct. 1: accepted
Alpha Company prepares quarterly adjusting entries & has a fiscal year end of December 31. The following events occurred in FY 2017: | ||||||||||
Oct. 1: accepted from Bravo a $9,000, four months, 9% note in lieu of an existing $9,000 account receivable | ||||||||||
Nov. 1: purchased from Zulu Company, equipment for $42,000 and signed a Note Payable due in nine months for $43,035 | ||||||||||
Use this information to prepare the General Journal entries (compound entries where needed and without explanation) for the following: | ||||||||||
Fiscal Year 2017: | ||||||||||
a. October 1, transaction | ||||||||||
b. November 1, transaction | ||||||||||
c. December 31, end of the fiscal year adjusting entries | ||||||||||
Fiscal Year 2018: | ||||||||||
d. February 1, receipt of payment on October 1 note | ||||||||||
e. March 31, adjusting entries | ||||||||||
f. June 30, adjusting entries | ||||||||||
g. August 1, payment of November 1 note | ||||||||||
General Journal: | ||||||||||
Date | Accounts | Debit | Credit | |||||||
a. | 10/1/17 | |||||||||
b. | 11/1/17 | |||||||||
c. | 12/31/207 | |||||||||
d. | 2/1/18 | |||||||||
e. | 3/31/18 | |||||||||
f. | 6/30/18 | |||||||||
g. | 8/1/18 | |||||||||
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