Problem 1 Mantle and Company had the following transactions during 2020: August 1. Borrowed $20,000 from the First National Bank by signing a 60 day, 6% note. August 8 Purchased supplies on account for $300 Sept 1 Paid supply vendor amount due from Aug 8 purchase. October 1 Repaid principal and interest to First National for the August 1 note. November 1 Borrowed $12,000 from the First National Bank by signing a 120 day, 6% note. November 4 Collected $10,000 in cash from a customer (Tech Works) representing an advance on services to be performed in December -February. November 12 Shipped merchandise and billed customers $13,054 which included 7% sales tax. (Ignore COGS/Inventory) November 15 Paid the state government $5,100 of sales taxes billed and collected in October. December 31 It was determined that 25% of the services have been completed to Tech Works (see Nov 4 advance) December 31 Recorded adjusting entry related to November 1 Note. Date Titles Debit Credit

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Problem 1 Mantle and Company had the following transactions during 2020: August 1. Borrowed $20,000 from the First National Bank by signing a 60 day, 6% note. August 8 Purchased supplies on account for $300 Sept 1 Paid supply vendor amount due from Aug 8 purchase. October 1 Repaid principal and interest to First National for the August 1 note. November 1 Borrowed $12,000 from the First National Bank by signing a 120 day, 6% note. November 4 Collected $10,000 in cash from a customer (Tech Works) representing an advance on services to be performed in December -February. November 12 Shipped merchandise and billed customers $13,054 which included 7% sales tax. (Ignore COGS/Inventory) November 15 Paid the state government $5,100 of sales taxes billed and collected in October. December 31 It was determined that 25% of the services have been completed to Tech Works (see Nov 4 advance) December 31 Recorded adjusting entry related to November 1 Note. Date: Titles Debit Credit