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Please help me solve for all red boxes exactly as shown. Thank you for your help. These are selected transactions of Oriole Company. Oriole prepares
Please help me solve for all red boxes exactly as shown. Thank you for your help.
These are selected transactions of Oriole Company. Oriole prepares financial statements quarterly. Jan. 2 Purchased merchandise on account from Nunez Company, $30,000, terms 3/10,n/30. (Oriole uses the perpetual inventory system) Feb. 1 Issued a 9%,2-month, $30,000 note to Nunez in payment of account. Mar. 31 Accrued interest for 2 months on Nunez note. Apr. 1 Paid face value and interest on Nunez note. July 1 Purchased equipment from Marson Equipment paying \$11,500 in cash and signing a 10\%, 3-month, \$54,000 note. Sept. 30 Accrued interest for 3 months on Marson note. Oct. 1 Paid face value and interest on Marson note. Dec. 1 Borrowed $19,200 from the Paola Bank by issuing a 3-month, 8% note with a face value of $19,200. Dec. 31 Recognized interest expense for 1 month on Paola Bank note. Prepare journal entries for the listed transactions and events. (Credit account titles are automatically indented when amount is entered. Do not indent mo Inventory Feb. 1 Mar. 31 Apr. 1 July 1 July 1 Equipment Notes Payable Cash Debit 450 Interest Payable Notes Payable Interest Payable 54000 CreditStep by Step Solution
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