hELP pLEASE
1. Apr. 20. Purchased $47,750 of merchandise on credit from Duerr, terms n30. Nguyen uses the perpetual inventory system.
2. May 19. Replaced the April 20 account payable to Duerr with a 90-day, $38,000 note bearing 6% annual interest along with paying $9,750 in cash.
3.Jul. 8. Borrowed $90,000 cash from CDR Bank by signing a 120-day, 9% interest-bearing note with a face value of $90,000.
4. Aug. 17. Paid the amount due on the note to Duerr at the maturity date.
5.Nov. 5. Paid the amount due on the note to CDR Bank at the maturity date.
6. Nov. 28. Borrowed $48,000 cash from Albany Bank by signing a 60-day, 10% interest-bearing note with a face value of $48,000.
7. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Albany Bank.
GL901 - Based on Problem 9-1A LO C2, P1 The January 1, Year 1 trial balance for the Griffin Company is found on the trial balance tab. The beginning balances are assumed. Nguyen Co. entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year 1 Apr. May July Aug. Nov. Nov. Dec. 20 Purchased $47,750 of merchandise on credit from Duerr, terms n/30. 19 Replaced the April 20 account payable to Duerr with a 90-day, 6%, $38,000 note payable along with paying $9,750 in cash. 8 Borrowed $90,000 cash from CDR Bank by signing a 120-day, 9%, $90,000 note payable. 17 Paid the amount due on the note to Duerr at the maturity date. 5 Paid the amount due on the note to CDR Bank at the maturity date. 28 Borrowed $48,000 cash from Albany Bank by signing a 60-day, 10%, $48,000 note payable. 31 Recorded an adjusting entry for accrued interest on the note to Albany Bank. Year 2 Jan. 27 Paid the amount due on the note to Albany Bank at the maturity date. Requirement General Journal General Ledger Trial Balance Schedule of Payables Calculation of Interest Year 2 payment General Journal tab - Prepare the Year 1 journal entries related to the notes and accounts payable of Nguyen Co. Calculation of interest tab - Use the interest formula (P x R x T) to verify the amount of interest recorded in your entries. Verify that total interest expense agrees with the trial balance. Year 2 payment tab - Prepare the January 27, Year 2 entry to record the repayment of the note at maturity. Requirement General Journal General Ledger Trial Balance Schedule of Payables Calculation of Interest Year 2 payment Prepare the journal entries related to notes and accounts payable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries. View transaction list Journal entry worksheet Apr. 20. Purchased $47,750 of merchandise on credit from Duerr, terms n/30. Nguyen uses the perpetual inventory system. Note: Enter debits before credits. Date Account Title Debit Credit Apr 20 Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Schedule of Payables Calculation of Interest Year 2 payment Enter the principal amount, interest rate, and number of days of interest to be recorded for each note. Verify that interest expense agrees with your journal entries and the trial balance. Nguyen Co. Calculation of interest expense August 17 - Duerr note: Principal Interest rate Number of days' interest to be recorded in Year 1 Total interest expense - Year 1 GL901 - Based on Problem 9-1A LO C2, P1 The January 1, Year 1 trial balance for the Griffin Company is found on the trial balance tab. The beginning balances are assumed. Nguyen Co. entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year 1 Apr. May July Aug Nov. Nov. Dec. 20 Purchased $47,750 of merchandise on credit from Duerr, terms n/30. 19 Replaced the April 20 account payable to Duerr with a 90-day, 5%, $38,000 note payable along with paying $9,750 in cash. 8 Borrowed $90,000 cash from CDR Bank by signing a 120-day, 9%, $90,000 note payable. 17 Paid the amount due on the note to Duerr at the maturity date. 5 Paid the amount due on the note to CDR Bank at the maturity date. 28 Borrowed $48,000 cash from Albany Bank by signing a 60-day, 10%, $48,000 note payable. 31 Recorded an adjusting entry for accrued interest on the note to Albany Bank. Year 2 Jan. 27 Paid the amount due on the note to Albany Bank at the maturity date. Requirement General Journal General Ledger Trial Balance Schedule of Payables Calculation of Interest Year 2 payment Prepare the January 27, Year 2 journal entry to record the payment of the Albany note at maturity. Griffin Company does NOT prepare reversing entries. Account title Debit Credit Date 1/27/Year 2
