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Make the corresponding wage entries to report short-term liabilities. 1 - Journalizes adjusting entries for each warranty expense accrued at the end of the year.
Make the corresponding wage entries to report short-term liabilities.
1 - Journalizes adjusting entries for each warranty expense accrued at the end of the year. The cost of the product warranty is $7,000. 2 - Journalize the following entries related to accounts and notes payable.
MAKE IN TABLE FORM
Date | Transaction |
2-Feb | Merchandise was purchased on credit for $310,000 with a term of n/45 in Pueblo Caribe. |
4-Mar | Aires Caribe provided a 5% note for $120,000 to Pueblo Caribe with a 30-day credit term. Make the entry of notes payable for Aires Caribe. |
3-Apr | Pueblo Caribe paid Aires Caribe the amount of the March 4 note. |
10-May | Consoles were purchased from Aire Wholesale for $75,000 on a 90-day note with a 4% discount. With payments of 25,000 monthly. |
9-Jun | The overdue amount (first installment) of the May 10 transaction was paid. |
9-Jun | A customer purchased $2,000 worth of merchandise in cash. |
12-Jun | A 30-day 3% loan (short-term note/payable note) for $240,000 was requested from Banco del Pueblo. |
9-Jul | The overdue amount (second installment) of the transaction on May 10 was paid. |
12-Jul | The overdue amount of the People's Bank note dated June 12 was paid. |
18-Jul | Customer who purchased merchandise on June 9 returned $500 worth of merchandise because it was defective. |
18-Jul | A customer made a purchase for $3,500 with a term of 3/40 n/60 |
27-Aug | The customer who made the purchase on July 18 paid in full with the corresponding discount. |
4-Nov | Tools were purchased at Home Depot for $75,000. $12,000 was paid and the remainder was divided into series of ten into 3% notes of $6,300 each maturing at 45-day intervals. |
10-Dec | The first of the notes they took was paid to Home Depot on November 4. |
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