repare entries in general journal form for the transactions for Year 2. (If no entry is required for a transaction/event, select "No journal intry required in the first account field.) Journal entry worksheet A B C D E Record the closing entry for expenses. Note: Enter obbits before credits. Don Terry opened Terry Company, an accounting practice, in Year 1. The following summarizes transactions that occurred during Year 1: 1. Issued a $60,000 face value discount note to First National Bank on July 1, Year 1. The note had a(n) 5 percent discount rate and a one-year term to maturity. 2. Recognized cash revenue of $162,000. 3. Incurred and paid $114,000 of operating expenses. 4. Adjusted the books to recognize interest expense at December 31, Year 1 . 5. Prepated the necessary closing entries at December 31 , Year 1. The following summarizes transactions that occurred in Year 2: 1. Recognized $231,000 of cash revenue. 2 . Incurred and paid $167,000 of operating expenses. 3. Recognized the interest expense for Year 2 and paid the face value of the note. 4. Prepared the necessary closing entries at December 31 , Year 2. b-1. Prepare entries in general journal form for the transactions for Year 1. b-2. Prepare entries in general journal form for the transactions for Year 2. b-3. Post the entries to the T-accounts. repare entries in general journal form for the transactions for Year 1. (If no entry is required for a transaction/event, select "No journal ntry required" in the first account fleld.) Journal entry worksheet Note: Enter debits before credits. epare entries in general journal form for the transactions for Year 1. (If no entry is required for a transaction/event, select "No journal ntry required" in the first account field.) Journal entry worksheet Incurred and paid $114,000 of operating expenses. Record the transaction. Note: Enter debits before credits. repare entries in general journal form for the transactions for Year 1 . (If no entry is required for a transaction/event, select "No journal ntry required in the first account field.) Journal entry worksheet A F Record the closing entry for service revenue. Note: Enter debits before credits: Prepare entries in general journal form for the transactions for Year 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first sccount field.) Journal entry worksheet E F Recognized $231,000 of cash revenue. Record the transaction. Note: Enter debits before credits. Post the entries to the T-accounts. epare entries in general journal form for the transactions for Year 1. (If no entry is required for a transaction/event, select "No journal itry required in the first account field.) Journal entry worksheet A B D E Record the closing entry for expenses. Note: Inter debits before credits: repare entries in general journal form for the transactions for Year 1. (If no entry is required for a transaction/event, select "No journal ntry required" in the first account field.) Journal entry worksheet F Issued a $60,000 face value discount note to First National Bank on July 1 , Year 1. The note had a 5 percent discount rate and a one-year term to maturity. Record the transaction. Note: Enter debits before credits. repare entries in general journal form for the transactions for Year 2. (If no entry is required for a transaction/event, select "No journal ntry required" in the first account field.) Journal entry worksheet F Recognized the interest expense for Year 2. Record the transaction. Note: Enter debils before credits. repare entries in general journal form for the transactions for Year 2. (If no entry is required for a transaction/event, select "No journal intry required" in the first account field.) Journal entry worksheet Paid the face value of the note. Record the transaction. Note: Enter debits before credits. Prepare entries in general journal form for the transactions for Year 2 . (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet E F Incurred and paid $167,000 of operating expenses. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Recognized cash revenue of $162,000. Record the transaction. Note: Enter debits before credits. epare entries in general journal form for the transactions for Year 2. (If no entry is required for a transaction/event, select "No journal itry required" in the first account field.) Journal entry worksheet Record the closing entry for service revenue. Note: Enter debits before credits. repare entries in general journal form for the transactions for Year 2. (If no entry is required for a transaction/event, select "No journal intry required in the first account field.) Journal entry worksheet A B C D E Record the closing entry for expenses. Note: Enter obbits before credits. Don Terry opened Terry Company, an accounting practice, in Year 1. The following summarizes transactions that occurred during Year 1: 1. Issued a $60,000 face value discount note to First National Bank on July 1, Year 1. The note had a(n) 5 percent discount rate and a one-year term to maturity. 2. Recognized cash revenue of $162,000. 3. Incurred and paid $114,000 of operating expenses. 4. Adjusted the books to recognize interest expense at December 31, Year 1 . 5. Prepated the necessary closing entries at December 31 , Year 1. The following summarizes transactions that occurred in Year 2: 1. Recognized $231,000 of cash revenue. 2 . Incurred and paid $167,000 of operating expenses. 3. Recognized the interest expense for Year 2 and paid the face value of the note. 4. Prepared the necessary closing entries at December 31 , Year 2. b-1. Prepare entries in general journal form for the transactions for Year 1. b-2. Prepare entries in general journal form for the transactions for Year 2. b-3. Post the entries to the T-accounts. repare entries in general journal form for the transactions for Year 1. (If no entry is required for a transaction/event, select "No journal ntry required" in the first account fleld.) Journal entry worksheet Note: Enter debits before credits. epare entries in general journal form for the transactions for Year 1. (If no entry is required for a transaction/event, select "No journal ntry required" in the first account field.) Journal entry worksheet Incurred and paid $114,000 of operating expenses. Record the transaction. Note: Enter debits before credits. repare entries in general journal form for the transactions for Year 1 . (If no entry is required for a transaction/event, select "No journal ntry required in the first account field.) Journal entry worksheet A F Record the closing entry for service revenue. Note: Enter debits before credits: Prepare entries in general journal form for the transactions for Year 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first sccount field.) Journal entry worksheet E F Recognized $231,000 of cash revenue. Record the transaction. Note: Enter debits before credits. Post the entries to the T-accounts. epare entries in general journal form for the transactions for Year 1. (If no entry is required for a transaction/event, select "No journal itry required in the first account field.) Journal entry worksheet A B D E Record the closing entry for expenses. Note: Inter debits before credits: repare entries in general journal form for the transactions for Year 1. (If no entry is required for a transaction/event, select "No journal ntry required" in the first account field.) Journal entry worksheet F Issued a $60,000 face value discount note to First National Bank on July 1 , Year 1. The note had a 5 percent discount rate and a one-year term to maturity. Record the transaction. Note: Enter debits before credits. repare entries in general journal form for the transactions for Year 2. (If no entry is required for a transaction/event, select "No journal ntry required" in the first account field.) Journal entry worksheet F Recognized the interest expense for Year 2. Record the transaction. Note: Enter debils before credits. repare entries in general journal form for the transactions for Year 2. (If no entry is required for a transaction/event, select "No journal intry required" in the first account field.) Journal entry worksheet Paid the face value of the note. Record the transaction. Note: Enter debits before credits. Prepare entries in general journal form for the transactions for Year 2 . (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet E F Incurred and paid $167,000 of operating expenses. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Recognized cash revenue of $162,000. Record the transaction. Note: Enter debits before credits. epare entries in general journal form for the transactions for Year 2. (If no entry is required for a transaction/event, select "No journal itry required" in the first account field.) Journal entry worksheet Record the closing entry for service revenue. Note: Enter debits before credits
