Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Make the corresponding wage entries to report short-term liabilities. Make the entries to the journal. Journalize the adjustment entries for each accumulated expense at the

Make the corresponding wage entries to report short-term liabilities.

  1. Make the entries to the journal.
  2. Journalize the adjustment entries for each accumulated expense at the end of the year. The cost of the product warranty is $ 7,000.
  3. Pay the remaining interest on the Home Depot account.
Date Transactions
2 February Merchandise was purchased on credit for $ 310,000 with a term of n / 45 in Pueblo Caribe (Name of the Company).
4 march Aires Caribe (Name of the Company) provided Pueblo Caribe (Name of the Company) with a 5% note for $ 120,000 with a 30-day credit term.
6 may Pueblo Caribe (Name of the Company) paid the amount of the March 4 note.
10 may Wholesale Air consoles are purchased for $ 75,000 on a 90 day note with a 4% discount. With payments of 25,000 monthly.
12 June A 30-day loan (short-term note / note payable) with 3% for $ 240,000 was requested from Banco del Pueblo (Name of the Bank).
15 June The overdue amount of the May 10 transaction was paid A customer purchased $ 2,000 worth of merchandise for cash.
18 July

The customer who purchased merchandise on June 15 returned $ 500 worth of merchandise because it was defective.

A customer made a purchase for $ 3,500 with a term of 3/40 n / 60

20 August The customer who made the purchase on July 18 paid in full with the corresponding discount.
30 september The overdue amount of the Banco del Pueblo (Name of the Bank) note of June 12 was paid.
30 September The overdue amount of the transaction on May 10 was paid.
4 November 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 in 45-day intervals.
4 December The first of the notes they took on November 4 was paid to Home Depot.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Audit Of War The Illusion And Reality Of Britain As A Great Nation

Authors: Correlli Barnett

1st Edition

0571280188, 978-0571280186

More Books

Students also viewed these Accounting questions

Question

3. What should a contract of employment contain?

Answered: 1 week ago

Question

1. What does the term employment relationship mean?

Answered: 1 week ago