Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

possible This question: 1 point(s) possible Record the following transactions in the journal of Seaview Supplies, which ends its accounting year on November 30: Oct

image text in transcribed

image text in transcribed

image text in transcribed

possible This question: 1 point(s) possible Record the following transactions in the journal of Seaview Supplies, which ends its accounting year on November 30: Oct 1 Lent $88,000 cash to Joe Lazarus on a one-year, 2 percent note. Nov 3 Sold goods to Highwater Inc., receiving a 100-day, 4 percent note for $3,162 50. Cost of the goods was $2,000. Seaview uses a perpetual inventory system 4 16 Received a $2,200, six-month, 8 percent note on account from STM Inc. when the receivable for that amount could not be paid on time. 30 Accrued interest revenue on all notes receivable Hint: Recall that you divide by days or months depending on the terms of the note. LU Oct 1. Lent $88,000 cash to Joe Lazarus on a one-year, 2 percent note. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date Accounts Debit Credit Oct Nov 3. Sold goods to Highwater Inc., receiving a 100-day, 4 percent note for $3.162.50. Cost of the goods was $2,000. Seaview uses a perpetual inventory system. Begin with the sale on the note Journal Entry Date Accounts Debit Credit Nov Now, record the cost of goods sold associated with the sale on November 3. Journal Entry Date Accounts Debit Credit Nov Nov 16. Received a $2,200 six-month, 8 percent note on account from STM Inc. when the receivable for that amount co not be paid on time Journal Entry Date Accounts Debit Credit Nov Nov 30. Accrued interest revenue on all notes receivable. Accrue the interest revenue on all notes in one entry. (Round your answers to the nearest cent. Compute the interest for STM's assuming that 1/2 month has expired.) Journal Entry Date Accounts Debit Credit Nov TI

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

Step: 3

blur-text-image

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

Payroll Accounting 2020

Authors: Jeanette Landin

6th Edition

1260247961, 9781260247961

More Books

Students also viewed these Accounting questions

Question

Under what circumstances do your customers write complaint letters?

Answered: 1 week ago