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Journal entries please. November 1 The company received a $240,000 loan from its bank. The loan is to be repaid in monthly blended payments of
Journal entries please.
November 1 The company received a $240,000 loan from its bank. The loan is to be repaid in monthly blended payments of $1,200, payable on the 30"h of every month. The interest rate is 4.5%. November 1 The company paid $8,400 for a one-year general insurance policy that is in effect from November 1, 2020 - October 31, 2021. November 15 The company made a sale to one of its commercial customers on account for $68,000. The cost of the products sold was $39,400 November 20 The company purchased inventory and equipment from a competitor that was going out of business. Argent paid $135,000 for both and management estimates that the value of the inventory acquired was $91,000 and the equipment was $49,000. November 26 The company wrote off a customer account of $11,000 that was deemed uncollectible November 30 The company made the $1,200 payment to the bank relating to the loan received on November 1. Argent also needs to record adjusting entries for the following: November 30 Recognize insurance expense for the month. November 30 Management determined that the allowance for doubtful accounts on November 30 should be $27,000. The balance in the account on November 1 was $31,800Step by Step Solution
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