Question
On July 31, 2025: Tamarisk Company engaged Minsk Tooling Company to construct a special-purpose piece of factory machinery. Construction began immediately and was completed on
On July 31, 2025: Tamarisk Company engaged Minsk Tooling Company to construct a special-purpose piece of factory machinery. Construction began immediately and was completed on November 1,2025. To help finance construction, on July 31 Tamarisk issued a $298,800,3-year, 12% note payable at Netherlands National Bank, on which interest is payable each July 31.$201,800 of the proceeds of the note was paid to Minsk on July 31 . The remainder of the proceeds was temporarily invested in short-term marketable securities (trading securities) at 10% until November 1. On November 1, Tamarisk made a final $97,000 payment to Minsk. Other than the note to Netherlands. Tamarisk's only outstanding liability at December 31,2025 , is a $31,400,8%, 6-year note payable, dated Ja
How to make a journal entries?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started