Question
Please provide the journal entries for the following transactions, including pertinent adjusting entries: You do NOT need to put explanations for the entries. You do
Please provide the journal entries for the following transactions, including pertinent adjusting entries:
You do NOT need to put explanations for the entries. You do NOT need to do closing entries. You do NOT need to prepare any financial statements.
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March 1 | A company purchases a computer system for $11,000 by paying $2,000 in cash and the balance on credit. The system has a useful life of 5 years and a $2,000 salvage value; |
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March 1 | A company lends $30,000 to a related company and receives a promissory note to be paid back in three annual installments, with payments to be made to the company every April 1, starting April 1, 2022. The annual interest rate on the note is 12%. |
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March 22 | The company pays a premium of $750 in cash for a general liability insurance policy, covering the company for the period May 1, 2022 through May 1, 2023
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March 31
| The company realizes that it forgot to pay its plumber the $600 fee it owed him for work done this month |
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