Question
Obtained a loan of $59,000 from Earth Bank at a simple interest rate of 6% per year. The first interest payment is due at the
Obtained a loan of $59,000 from Earth Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2020 and the principal of the loan is to be repaid on 1 June 2024.
Paid the full amount owing to Hershel's, Cheque No. 603. Payment fell within discount period.Made cash sales of $4,474 during the first 3 days of the month.
4Purchased 6 boxes of Drinking Chocolate from East Tangiers Cooperative for $120 each, terms net 30.
4Sold 5 boxes of Chocolate Bars to Mercury Square for $160 each, Invoice No. 501.5Paid the full amount owing to Spud's Confectionery, Cheque No. 604. Payment fell within discount period.
6Purchased 10 boxes of Macadamia Toffee with cash for $110 each, Cheque No. 605.
7Purchased 6 boxes of Liquorice Chocolate from Brennan Imports Group for $110 each, terms 2/10, n/30.
can you answer journal entries for above transaction?
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Financial Accounting
Authors: W. Steve Albrecht, James D. Stice, Earl K. Stice
10th edition
324645570, 978-0324645576
