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Weber Inc. entered into the following transactions involving short-term liabilities during 2014 and 2015. Prepare journal entries to record these transactions for Weber Inc. Enter
Weber Inc. entered into the following transactions involving short-term liabilities during 2014 and 2015. Prepare journal entries to record these transactions for Weber Inc. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm i.e., January 15 would be 15/Jan). Round all amounts to the nearest cent. a. April 5: Weber Inc. purchased merchandise from Segura Corporation for $27,000 under credit terms of 2/10, n/30. b. May 5: Segura Corporation was paid $11,000 cash and the remaining balance of $16,000 was replaced with a 30-day, 11% note. C. ? : Paid the note to Segura Corporation at maturity. d. August 9 : $37,000 was borrowed from TD Bank by signing a 11%, 60-day note e. ? : The note to TD Bank was paid at maturity. f. December 14: $37,000 was borrowed from Scotia Bank by signing a 12%, 90-day note. g. December 31: An adjusting entry of the accrual of interest on the note to Scotia Bank was recorded. h. ? : Paid the note to Scotia Bank at maturity. General Journal Account/Explanation Page Gj1 F Debit Credit Date |
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