Question
As a manager of this company, you have to process the following current liability transactions: 1 - I buy merchandise for a total amount of
As a manager of this company, you have to process the following current liability transactions:
1 - I buy merchandise for a total amount of 8,000. Form of payment 400 in cash per box, 3,600 in cash by bank check, 3,000 is accepted as a bill of exchange with a maturity of 3 months and the remaining 1,000 are owed without more formality than making the payment in six months.
2 - After three established months, the company pays the amount of the commercial effect through a bank account and accepts another commercial effect for the outstanding debt.
3 - After six months, the company makes payment of the previous bill through a sight savings account.
3 - The expenses for foreign services accrued in the fiscal year were
Commercial rent 400
Repair of a building installation 250
Sales Transportation 400
Furniture fire insurance premium 380
Announcement in various advertising media 900
Prepare journal entries to record the following transactions
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