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Problem 11-2A (Part Level Submission) The following are selected transactions of Blanco Company. Blanco prepares financial statements quarterly. Jan. 2 31 Feb. Mar. Apr. July
Problem 11-2A (Part Level Submission) The following are selected transactions of Blanco Company. Blanco prepares financial statements quarterly. Jan. 2 31 Feb. Mar. Apr. July Sept. 1 Purchased merchandise on account from Nunez Company, $23,000, terms 2/10, n/30. (Blanco uses the perpetual inventory system.) Issued a 9%, 2-month, $23,000 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, $70,800 note. Accrued interest for 3 months on Marson note. Paid face value and interest on Marson note. Borrowed $28,800 from the Paola Bank by issuing a 3-month, 8% note with a face value of $28,800. Recognized interest expense for 1 month on Paola Bank note. 30 Oct. 1 Dec. Dec. 31 (a) Prepare journal entries for the listed transactions and events. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan. 2 Inventory 23,000 Accounts Payable 23,000 Feb. 1 Accounts Payable 23,000 Notes Payable 23,000 Mar.31 Interest Expense Interest Payable Apr.1 Notes Payable Interest Payable Cash July 1 Equipment Cash Notes Payable Sept.30 Interest Expense Interest Payable Oct.1 Notes Payable Interest Payable Cash Dec. 1 Cash Oct.1 Notes Payable Interest Payable Cash Dec. 1 Cash Notes Payable Dec.31 7 Interest Expense Interest Payable
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