Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

***please use from these list of accounts *** Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Advances to Employees Allowance for

  • ***please use from these list of accounts ***
  • Accounts Payable
  • Accounts Receivable
  • Accumulated Depreciation - Buildings
  • Accumulated Depreciation - Equipment
  • Advances to Employees
  • Allowance for Doubtful Accounts
  • Allowance for Doubtful Notes
  • Bad Debts Expense
  • Bank Charges Expense
  • Bank Loan Payable
  • Buildings
  • Cash
  • Common Shares
  • Cost of Goods Sold
  • Current Portion of Bank Loan Payable
  • Depreciation Expense
  • Equipment
  • Held for Trading Investments
  • Income Tax Expense
  • Income Tax Payable
  • Income Tax Receivable
  • Insurance Expense
  • Interest Expense
  • Interest Payable
  • Interest Receivable
  • Interest Revenue
  • Inventory
  • Land
  • No Entry
  • Notes Payable
  • Notes Receivable
  • Prepaid Insurance
  • Prepaid Rent
  • Retained Earnings
  • Salaries Expense
  • Salaries Payable
  • Sales
  • Sales Discounts
  • Sales Returns and Allowances
  • Sales Tax Recoverable
  • Supplies
  • Unearned Revenue

image text in transcribed

Duffy Dog Ltd. sells merchandise on April 1, 2017, to Red River Enterprises in return for a 12-month, 9%, $12,000 note, with interest due at maturity. The company uses a perpetual inventory system and the cost of the inventory sold was $7.080. Duffy Dog has a December 31 year end and adjusts its accounts annually. Prepare the journal entries that Duffy Dog will record with regard to this note from April 1, 2017, until the note matures on March 31, 2018. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Date Account Titles and Explanation Debit Credit Apr 1, 2017 Notes Receivable sales rev (To record sales) (To record cost of merchandise sold)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Principles And Practice Of Auditing

Authors: George Puttick, Sandra Van Esch

7th Edition

0702137723, 978-0702137723

More Books

Students also viewed these Accounting questions

Question

What do economists mean by self-interest?

Answered: 1 week ago

Question

Did you check photos for quality and rights clearance?

Answered: 1 week ago

Question

Did you check the facts, their accuracy, and sources?

Answered: 1 week ago