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Show all calculations or loose points! Geary Corporation had the following transactions: Apr. 15 - Issued a $6,000, 60-day, eight percent note payable in payment
Show all calculations or loose points!
Geary Corporation had the following transactions:
- Apr. 15 - Issued a $6,000, 60-day, eight percent note payable in payment of an account with Marion Company.
- May 22 - Borrowed $50,000 from Sinclair Bank, signing a 60-day note at nine percent.
- June 14 - Paid Marion Company the principal and interest due on the April 15th note payable.
- July 13 - Purchased $15,000 of merchandise from Sharp Company; signed a 90-day note with eight percent interest.
- July 21 - Paid the May 22 note due to Sinclair Bank.
- Oct 02 - Borrowed $38,000 from Sinclair Bank, signing a 120-day note at twelve percent interest.
- Oct 11 - Paid the note payable and accrued interest to the Sharp Company (July 13).
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