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Described below are certain transactions of Headland Corporation. The company uses the periodic inventory system. 1 . On February 2 , the corporation purchased goods
Described below are certain transactions of Headland Corporation. The company uses the periodic inventory system. On February the corporation purchased goods from Martin Company for S subject to cash discount terms of n Purchases and accounts payable are recorded the corporation at net amounts after cash discounts. The invoice was paid on February On April the corporation bought a truck for $ from General Motors Company, paying $ in cash and signing a oneyear, note for the balance of the purchase price On May the corporation borrowed $ from Chicago National Bank by signing a $ zerointerestbearing note due one year from May On August the board of directors declared a $ cash dividend that was payable on September to stockholders of record on August Make all the journal entries necessary to record the transactions above using appropriate dates. If no entry is required, select No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Date Account Titles and Explanation Debit Credit February May Headland Corporation's yearend is December Assuming that no adjusting entries relative to the transactions above have been recorded, prepare any adjusting journal entries concerning interest that are necessary to present fair financial statements at December Assume straightline amortization of discounts. If no entry is required, select No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indted when amount is entered. Do not indent manually, Record journal entries in the order presented in the problem. No Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work
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