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i need help i am studying (10) These are selected transactions of Sunland Company. Sunland prepares financial statements quarterly Jan. 2 Purchased merchandise on account
i need help i am studying (10)
These are selected transactions of Sunland Company. Sunland prepares financial statements quarterly Jan. 2 Purchased merchandise on account from Nunez Company, $25,000, terms 2/10, N 30 . (Sunland uses the perpetual is Feb. 1 Issued a 9\%.2-month, $25,000 note to Nunez in payment of account. Mar. 31 Accrued interest for 2 months on Nunez note. Apr. 1 Paid face value and interest on Nunez note. July 1 Purchased equipment from Marson Equipment paying $12,000 in cash and signing a 10%, 3 -month, $49.200 note. Sept. 30 Accrued interest for 3 months on Marson note. Oct. 1 Paid face value and interest on Marson note. Dec. 1 Borrowed $24,000 from the Paola Bank by issuing a 3-month, 8% note witha face value of $24,000. Dec. 31 Recognized interest expense for 1 month on Paola Bank note. Prepare joumal entries for the listed transactions and events. (Credit account titles are automatically incented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem ! Post to the accounts Notes Payable, Interest. Payable, and Interest Expense (Post entries in the order of journat entries presented in the previous part.) Show the balance sheet presentation of notes and interest payable at December 31 . What is total interest expense for the year? Total interest Step by Step Solution
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