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The following are selected 2014 transactions of Darby Corporation. Prepare the journal entries for the transactions below: Sept. 1 - Purchased inventory from Orion Company
The following are selected 2014 transactions of Darby Corporation. Prepare the journal entries for the transactions below: Sept. 1 - Purchased inventory from Orion Company on account for $50,000, with terms 1/10, n/30. Darby records purchases gross and uses a periodic inventory system Accounts Debit Credit Select ] [ Select ] [ Select ] Select ] Oct. 1 - Issued a $50,000, 12-month, 8% note to Orion in payment of account (swaps a note for A/P balance from 9/1 transaction). Interest is payable at end of note's term. Accounts Debit Credit Select] [ Select [ Select] Select) Oct. 1 - Borrowed $75,000 from the Shore Bank by signing a 12-month, zero- interest-bearing $81,000 note. Accounts Debit Credit [ Select ] [ Select] > [ Select V [ Select ]
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