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I need help with this bottom part. Thank you Problem 10-2A (Part Level Submission) The following are selected transactions of Blanco Company. Blanco prepares financial
I need help with this bottom part. Thank you
Problem 10-2A (Part Level Submission) The following are selected transactions of Blanco Company. Blanco prepares financial statements quarterly. Jan. Feb 2 Purchased merchandise on account from Nunez Company, $30,000, terms 2/10, n/30. (Blanco uses the perpetual inventory system.) 1 Issued a 9% , 2- month , $30,000 note to Nunez in payment of account. 31 Baid face value and interest on Nunez note. Purchased equipment from Marson Equipment paying $11,000 in cash and signing a 10 % , 3-month , $ 60,000 note. ote Apr. July Sept. 30 Accrued interest for 3 months on Marson note. Pald race valde and interest on Marson note. l. $24,000. suing a 3-month, 8% note with a face value Dec. 31 Recognized interest expense for 1 month on Paola Bank note. (a) Your answer is correct. Prepare journal entries for the listed transactions and events. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Credit Date Debit Jan. 2 Inventory 30.000 30,000 Accounts Payable Feb. 1 Accounts Payable 30.000 Notes Payable 30,000 Mar. 31 TInterest Expense 450 Interest Payable 450 Apr. 1TNotes Payable 30,000 Interest Payable 450 30,450 Cash Mar. 31 TInterest Expense 450 Interest Payable 450 Apr. Notes Payable 30.000 Interest Payable 450 Cash 30,450 July 1 Equipment 71,000 60,000 Notes Payable Cash 11,000 Interest Expense Sept. 30 1,500 Interest Payable 1,500 Oct. Notes Payable 60,000 Interest Payable 1,500 61,500 Cash TCash Dec. 1 24,000 Notes Payable 24,000 Interest Expense Dec. 31 : 160 Interest Payable 160 (b) Post to the accounts Notes Payable, Interest Payable, and Interest Expense. (Post entries in the order of journal entries presented in the previous part.) Notes Payable # Interest Payable Interest Expense SHOW LIST OF ACCOUNTSStep by Step Solution
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