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I need journal entries 1-8 Required information [The following information applies to the questions displayed below.] Year 1 Apr. 20 Purchased $37,500 of merchandise on
I need journal entries 1-8
Required information [The following information applies to the questions displayed below.] Year 1 Apr. 20 Purchased $37,500 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,000 note payable along with paying $2,500 in cash. July 8 Borrowed $60,000 cash from NBR Bank by signing a 120-day, 11%, $60,000 note payable. Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NBR Bank at the maturity date. Nov. 28 Borrowed $33,000 cash from Fargo Bank by signing a 60-day, 7%, $33,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 _?__ Paid the amount due on the note to Fargo Bank at the maturity date. Required: 1. Determine the maturity date for each of the three notes described. Locust NBR Bank Fargo Bank Maturity date Required: 1. Determine the maturity date for each of the three notes described. Locust NBR Bank Fargo Bank Maturity date Principal X X Rate x Time = Interest X Locust X X X X NBR Bank Fargo Bank X X Year End Accrual Required For: Fargo Bank x Time Principal x Rate = Interest Interest to be accrued in Year 1 % X Year end accrual required for: Principal X Rate Fargo Bank Time % x Interest Interest to be recorded in Year 2 Journal entry worksheet E 2 3 4 5 6 7 8 Purchased $37,500 of merchandise on credit from Locust, terms n/30. Note: Enter debits before credits. General Journal Debit Credit Date Apr 20 Record entry View general journalStep by Step Solution
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