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GUARANTEED LIKE - if you solve this!! f) To help expand operations, Led borrowed $250,000 on January 1 in exchange for a 5-year note payable
GUARANTEED LIKE - if you solve this!!
f) To help expand operations, Led borrowed $250,000 on January 1 in exchange for a 5-year note payable with an annual interest rate of 5%. Led agreed to make equal principal repayments of $50,000 annually until the loan is paid off on December 31, 2026. Principal and interest payments are due annually on December 31, beginning in 2022. It is now December 31, 2022 and nothing is recorded in Leds books related to the note.
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based on the information attached in the photo:
Led Tasso Inc. (Led) is a sporting goods retailer. Record the following assorted journal entries for the fiscal year-ended December 31, 2022. a) Led made sales of $25,000 plus 13% HST on account. The items sold had a cost of $18,000. Led uses a perpetual inventory system. b) Led paid the amount owing to Supplier A for February. During February, Led purchased $2,700 from Supplier A on account. They already owed them $3,000 at for purchases made in January. c) On March 31, Led issued 5,000 common shares for $4 per share. d) On August 31, Led reacquired 15,000 common shares for $7.50 per share. Prior to the share issue on March 31st (see (c) above), Led had 40,000 common shares issued and outstanding with a total book value of $232,000. e) Received $7,500 cash from a customer whose account had previously been written off as uncollectible
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