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Please answer all parts of this question to complete it and answer in a similar format I will be sure to thumbs up and thank
Please answer all parts of this question to complete it and answer in a similar format I will be sure to thumbs up and thank you in advance.
PART 1
- April 20. Purchased $52,750 of merchandise on credit from Walker, terms n/30.
- May 19. Replaced the April 20 account payable to Walker with a 90-day, 8%, $36,000 note payable along with paying $16,750 in cash.
- July 8. Borrowed $84,000 cash from NJR Bank by signing a 120-day, 10%, $84,000 note payable.
- August 17. Paid the amount due on the note to Walker at the maturity date.
- November 5. Paid the amount due on the note to NJR Bank at the maturity date.
- November 28. Borrowed $78,000 cash from Chicago Bank by signing a 60-day, 8%, $78,000 note payable.
- December 31 Recorded an adjusting entry for accrued interest on the note to Chicago Bank.
PART 2
PART 3
PART 4
GL901 (Algo) - Based on Problem 09-1A LO P1 The January 1, Year 1 trial balance for the Duerr Company is found on the trial balance tab. The beginning balances are assumed. Lee Company entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year 1 April 20 Purchased $52,750 of merchandise on credit from Walker, terms n/3e. May 19 Replaced the April 2e account payable to walker with a 90-day, 8%, $36,000 note payable along with paying $16,758 in July 8 Borrowed 584,000 cash from NJR Bank by signing a 120-day, 10%, $84, eee note payable. August 17 Paid the amount due on the note to walker at the maturity date. November 5 Paid the amount due on the note to NJR Bank at the maturity date. November 28 Borrowed 578,000 cash from Chicago Bank by signing a 60-day, 8%, $78,800 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Chicago Bank. cash. Year 2 January 27 Paid the amount due on the note to Chicago Bank at the maturity date. Requirement General General Journal Year 2 Ledger Trial Balance Schedule of Calculation of Payables Interest payment Prepare the journal entries related to notes and accounts payable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries. View transaction list Journal entry worksheet April 20. Purchased $52,750 of merchandise on credit from Walker, terms n/30. Note: Enter debits before credits. Date Account Title Debit Credit April 20 Record entry Clear entry View general journal GL901 (Algo) - Based on Problem 09-1A LO P1 The January 1, Year 1 trial balance for the Duerr Company is found on the trial balance tab. The beginning balances are assumed. Lee Company entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year 1 April 20 Purchased $52,758 of merchandise on credit from Walker, terms n/3e. May 19 Replaced the April 2e account payable to walker with a 90-day, 8%, $36,000 note payable along with paying $16,75e in cash. July 8 Borrowed $84,000 cash from NJR Bank by signing a 120-day, 10%, $84, eee note payable. August 17 Paid the amount due on the note to walker at the maturity date. November 5 Paid the amount due on the note to NJR Bank at the maturity date. November 28 Borrowed $78,000 cash from Chicago Bank by signing a 60-day, 8%, $78,890 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Chicago Bank. Year 2 January 27 Paid the amount due on the note to Chicago Bank at the maturity date. Interest Year 2 payment Requirement General General Journal Ledger Trial Balance Schedule of Calculation of Payables Here are the balances in Accounts and Notes payable based on your journal entries: Lee Company Schedule of Accounts Payable Total accounts payable S 0 Lee Company Schedule of Notes Payable Total notes payable S 0 Trial Balance Calculation of Interest > GL901 (Algo) - Based on Problem 09-1A LO P1 The January 1, Year 1 trial balance for the Duerr Company is found on the triel balonce tsb. The beginning balances are assumed. Lee Company entered into the following transactions involving short-term dicbilities. (Use 360 days a year.) Year 1 April 20 Purchased 552,758 of merchandise on credit from Walker, terms n/38. May 19 Replaced the April 20 account payable to walker with a se day. 8. $36,000 note payable along with paying $16.750 in cash. July 8 Borrowed $84,800 cash from NR Bank by signing a 120-day, 10%, $84,020 note payable. August 17 Paid the arount due on the note to Walker at the naturity date. November 5 Paid the amount due on the note to NJR Bank at the naturity date. November 28 Borrowed $78,030 cash from Chicago Bank by signing a se day, 3%, $78,888 nate payable. December 31 Recorded an adjusting entry for accrued interest on the note to Chicago Bank. Year 2 January 27 Paid the amount due on the note to Chicago Bank at the maturity date. Requirement General Journal General Ledger Trial Balance Schedule of Payables Calculation or Interest Year 2 payment Enter the principal amount, interest rate, and number of days of interest to be recorded for each note. Verify that interest expense agrees with your journal entries and the trial balance. Lee Company Calculation of interest expense August 17. Walker note: Principal Interest rate Number of days' interest to be recorded in Yeart Total interest expense - Year 1 Schedule of Payables Year 2 payment > GL901 (Algo) - Based on Problem 09-1A LO P1 The January 1, Year 1 trial balance for the Duerr Company is found on the trial balance tab. The beginning balances are assumed. Lee Company entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year 1 April 20 Purchased $52,750 of merchandise on credit from Walker, terms n/3e. May 19 Replaced the April 2e account payable to walker with a 90-day, 8%, $35,000 note payable along with paying $16,752 in cash. July 8 Borrowed $84,000 cash from NJR Bank by signing a 120-day, 18%, $84, eee note payable. August 17 Paid the amount due on the note to walker at the maturity date. November 5 paid the amount due on the note to NJR Bank at the maturity date. November 28 Borrowed $78,000 cash from Chicago Bank by signing a 60-day, 8%, $78,2ge note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Chicago Bank. Year 2 January 27 Paid the amount due on the note to Chicago Bank at the maturity date. Requirement General General Schedule of Calculation of Year 2 Journal Trial Balance Ledger Payables Interest payment Prepare the January 27, Year 2 journal entry to record the payment of the Chicago note at maturity. Duerr Company does NOT prepare reversing entries. Account title Debit Credit Date 1/27/Year 2
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