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Prob 10-2B (Provens ending in Aare in textbook Bproboruly below) July 1 P10-28These are transactons of W Company which prepares financial statements quarterly Feb 01

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Prob 10-2B (Provens ending in Aare in textbook "B"proboruly below) July 1 P10-28These are transactons of W Company which prepares financial statements quarterly Feb 01 ... Received $40,000 in Cash from Y Co in exchange for a note at 9% interest for 2 mos. Ma 31 ... Accrued interest for 2 months on Y Co note. Apr 1 Paid tace value and interest on Y Co note. Purchased equipment from K Corp paying $11,000 in cash and signing a 10%,3- month, $40,000 note. Instructors Tip: interest is always expressed as an "annual amount BUT - the "term" of the note may be LESS THAN a full year. Check the term of the note! Sep 30... Accrued interest for 3 months on K Corp note Oct 1... Paid face value and interest on K Corp nate. Instructions (a) Prepare purnal entries for the above transactions and events. Problem 10-2B working papers Feb 01 Mar 31 Apr 01 July 01 Sept 30 Oct 01

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