Question
On July 22, 2026, the following transactions occurred in the books of different companies: Tesla Inc. purchased $260,000 of inventory on credit from SpaceX Suppliers.
On July 22, 2026, the following transactions occurred in the books of different companies:
- Tesla Inc. purchased $260,000 of inventory on credit from SpaceX Suppliers.
- SpaceX Suppliers granted a $26,000 discount to Tesla Inc. for early payment of the invoice from Transaction 1.
- Coca-Cola Company paid $125,000 in cash for marketing services provided by PepsiCo Marketing.
- PepsiCo Marketing provided $50,000 worth of advertising services to McDonald's Corporation on credit.
- McDonald's Corporation returned $24,000 worth of unused marketing materials to PepsiCo Marketing.
- IBM Corporation sold equipment for $440,000 cash to Oracle Corporation.
- Oracle Corporation paid $88,000 for consulting services provided by SAP Consulting.
- SAP Consulting granted a $8,800 discount to Oracle Corporation for prompt payment of the consulting invoice.
- Netflix Inc. received a $220,000 loan from Disney Corporation.
- Disney Corporation charged $22,000 as interest on the loan provided to Netflix Inc.
Requirement: Journalize all these transactions into a general journal.
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Financial and Managerial Accounting
Authors: Horngren, Harrison, Oliver
3rd Edition
978-0132497992, 132913771, 132497972, 132497999, 9780132913775, 978-0132497978
