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Problem 11-02A a-d The following are selected transactions of Bramble Company. Bramble prepares financial statements quarterly. Jan. Feb. 2 1 Mar. 31 Apr. 1
Problem 11-02A a-d The following are selected transactions of Bramble Company. Bramble prepares financial statements quarterly. Jan. Feb. 2 1 Mar. 31 Apr. 1 July 1 Sept. 30 Oct. 1 Dec. 1 Dec. 31 Purchased merchandise on account from Nunez Company, $26,000, terms 2/10, n/30. (Bramble uses the perpetual inventory system.) Issued a 9%, 2-month, $26,000 note to Nunez in payment of account. Accrued interest for 2 months on Nunez note. Paid face value and interest on Nunez note. Purchased equipment from Marson Equipment paying $11,000 in cash and signing a 10%, 3-month, $49,200 note. Accrued interest for 3 months on Marson note. Paid face value and interest on Marson note. Borrowed $18,000 from the Paola Bank by issuing a 3-month, 8% note with a face value of $18,000. Recognized interest expense for 1 month on Paola Bank note.
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