The Gaynor Company had the following transactions involving notes payable during 2019 Jan 15 Purchased office equipment from Corporate Outfitters and issued a 180 day, 8 percent note for $18,000 Apr 10 Borrowed $12,000 at 9 percent from the Guarantee Bank by discounting a 60 day note payable June 9 Paid the note due Guarantee Bank July 14 Paid the note due Corporate Outfitters Prepare the entries in general journal form to record these transactions (Assume 360 days in a year Do not round intermediate calculations ) Journal entry worksheet Purchased office equipment from Corporate Outfitters and issued a 180 day, 8 percent note for $18,000 Note Enter debits before credits General Journal Credit Date Jan 15, 2019 Debit 18 000 18,000 Record entry Clear entry View general journal Journal entry worksheet Borrowed $12,000 at 9 percent from the Guarantee Bank by discounting a 60 day note payable Note Enter debits before credits General Journal Debit Credit Date Apr 10, 2019 Record entry Clear entry View general journal Journal entry worksheet

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 12, 2024

The Gaynor Company had the following transactions involving notes payable during 2019. Jan. 15 Purchased office equipment from Corporate Outfitters and issued a 180-day, 8

The Gaynor Company had the following transactions involving notes payable during 2019.

Jan.	15	Purchased office equipment from Corporate Outfitters and issued a 180-day, 8 percent note for $18,000.
Apr.	10	Borrowed $12,000 at 9 percent from the Guarantee Bank by discounting a 60-day note payable.
June	9	Paid the note due Guarantee Bank.
July	14	Paid the note due Corporate Outfitters.

Prepare the entries in general journal form to record these transactions. (Assume 360 days in a year. Do not round intermediate calculations.)

image text in transcribed

Journal entry worksheet Purchased office equipment from Corporate Outfitters and issued a 180-day, 8- percent note for $18,000. Note: Enter debits before credits. General Journal Credit Date Jan 15, 2019 Debit 18.000 18,000 Record entry Clear entry View general journal Journal entry worksheet Borrowed $12,000 at 9 percent from the Guarantee Bank by discounting a 60- day note payable. Note: Enter debits before credits. General Journal / Debit Credit Date Apr 10, 2019 Record entry Clear entry View general journal Journal entry worksheet