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I need help to prepare general journal entries for the transactions..Thank you in advance ctioIS ng transactions involving notes and interest were completed dur ths
I need help to prepare general journal entries for the transactions..Thank you in advance
ctioIS ng transactions involving notes and interest were completed dur ths of 20- Oct. issued a $6,800, 60-day, 5% note to Mac Farm Equipment for purchase of merchandise Received a $2,000, 60-day, 6% note from R. Chambers in payment for sale of merchandise. Discounted the note received from R. Chambers on October 15 at Merchants National Bank. The discount rate is 7% Borrowed $5,000 from First National Bank on a three-month, non-interestbearing note that was dscounted at 6% Received a S4000, 90-day, 6.5% note from L Revsine in payment of an account receivable Issued a check to Mac Farm Equipment in payment of the note issued on October 1, including interest Issued a $3,000, 90-day, 6% note to Remak Tractors to extend time for payment of an account payable 1 15 1 Nov. 20 30 10 16 Received notification from Merchants National Bank that R Chambers has dishonored his note. A check is issued to cover Dec. the note plus a $20 bank fee that must be paid to the bank Required 1. Prepare general journal entries for the transactions 2. Prepare necessary adjusting entries for the notes outstanding on December 31 Er ctioIS ng transactions involving notes and interest were completed dur ths of 20- Oct. issued a $6,800, 60-day, 5% note to Mac Farm Equipment for purchase of merchandise Received a $2,000, 60-day, 6% note from R. Chambers in payment for sale of merchandise. Discounted the note received from R. Chambers on October 15 at Merchants National Bank. The discount rate is 7% Borrowed $5,000 from First National Bank on a three-month, non-interestbearing note that was dscounted at 6% Received a S4000, 90-day, 6.5% note from L Revsine in payment of an account receivable Issued a check to Mac Farm Equipment in payment of the note issued on October 1, including interest Issued a $3,000, 90-day, 6% note to Remak Tractors to extend time for payment of an account payable 1 15 1 Nov. 20 30 10 16 Received notification from Merchants National Bank that R Chambers has dishonored his note. A check is issued to cover Dec. the note plus a $20 bank fee that must be paid to the bank Required 1. Prepare general journal entries for the transactions 2. Prepare necessary adjusting entries for the notes outstanding on December 31 ErStep by Step Solution
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