Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can i have answers for b and c part too please Question 1 of 3 -/10 E Marigold-on Ltd. sells rock-climbing products and operates an

can i have answers for b and c part too please image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Question 1 of 3 -/10 E Marigold-on Ltd. sells rock-climbing products and operates an indoor climbing facility for climbing enthusiasts On July 1, 2021. Marigold-on received a three-month $14,000 bank loan from City Credit Union due on September 30, 2021, and bearing interest at 3%. Interest is payable at maturity. The company records adjusting entries annually at its year end, December 31. During the next four months, Marigold-on incurred the following Sept. 1 30 Oct. 1 2 Purchased inventory on account for $18,000 from Black Diamond, terms /30. The company uses a perpetual inventory system Repaid the $14,000 bank loan payable to City Credit Union (see opening balance), as well as any interest owed. Issued as six-month, 4%, $18,000 note payable to Black Diamond in exchange for the account payable (see September 1 transaction). Interest is payable on the first of each month. Borrowed $22,000 cash from Montpelier Bank for 12 months at 3% to finance the building of a new climbing area for advanced climbers. Interest is payable monthly on the first of each month with the principal due in 12 months. Paid interest on the Black Diamond note and Montpelier Bank loan Paid interest on the Black Diamond note and Montpelier Bank loan Received a $156,000 loan from Atlantic Bank for 12 months at 3% to help pay for a vehicle. Interest is payable quarterly, at the end of each quarter. Recorded accrued interest for the Black Diamond note and the Montpelier and Atlantic loans. Nov. 1 Dec. 1 3 31 n 1 of 3 -/10 E dollar, es. 5.275) Date Account Titles and Explanation Debit Credit yer/index.html?launchid=70c01b6b-10ab-4647-b7ea958ab412413/question/ ent for A15 (graded) Question 1 of 3 > - / 10 (To record interest on Black Diamond note.) (To record interest on Montpeller Bank loan.) (To record interest on Black Diamond note.) (To record interest on Montpelier Bank loan.) Question 1 of 3 - / 10 BI e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Suite (b) The parts of this question must be completed in order. This part will be available when you complete the part above (c) The parts of this question must be completed in order. This part will be available when you complete the part abown. Question 1 of 3 -/10 E Marigold-on Ltd. sells rock-climbing products and operates an indoor climbing facility for climbing enthusiasts On July 1, 2021. Marigold-on received a three-month $14,000 bank loan from City Credit Union due on September 30, 2021, and bearing interest at 3%. Interest is payable at maturity. The company records adjusting entries annually at its year end, December 31. During the next four months, Marigold-on incurred the following Sept. 1 30 Oct. 1 2 Purchased inventory on account for $18,000 from Black Diamond, terms /30. The company uses a perpetual inventory system Repaid the $14,000 bank loan payable to City Credit Union (see opening balance), as well as any interest owed. Issued as six-month, 4%, $18,000 note payable to Black Diamond in exchange for the account payable (see September 1 transaction). Interest is payable on the first of each month. Borrowed $22,000 cash from Montpelier Bank for 12 months at 3% to finance the building of a new climbing area for advanced climbers. Interest is payable monthly on the first of each month with the principal due in 12 months. Paid interest on the Black Diamond note and Montpelier Bank loan Paid interest on the Black Diamond note and Montpelier Bank loan Received a $156,000 loan from Atlantic Bank for 12 months at 3% to help pay for a vehicle. Interest is payable quarterly, at the end of each quarter. Recorded accrued interest for the Black Diamond note and the Montpelier and Atlantic loans. Nov. 1 Dec. 1 3 31 n 1 of 3 -/10 E dollar, es. 5.275) Date Account Titles and Explanation Debit Credit yer/index.html?launchid=70c01b6b-10ab-4647-b7ea958ab412413/question/ ent for A15 (graded) Question 1 of 3 > - / 10 (To record interest on Black Diamond note.) (To record interest on Montpeller Bank loan.) (To record interest on Black Diamond note.) (To record interest on Montpelier Bank loan.) Question 1 of 3 - / 10 BI e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Suite (b) The parts of this question must be completed in order. This part will be available when you complete the part above (c) The parts of this question must be completed in order. This part will be available when you complete the part abown

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Financial Accounting

Authors: Christine Jonick

1st Edition

1940771153, 9781940771151

More Books

Students also viewed these Accounting questions