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What would the journal entries look like for these transactions? 1 Obtained a loan of $59,000 from EastPac Bank at a simple interest rate of
What would the journal entries look like for these transactions?
1 | Obtained a loan of $59,000 from EastPac Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2016 and the principal of the loan is to be repaid on June 1, 2020. |
2 | Paid the full amount owing to Pear Technology, Check No. 786. Payment fell outside discount period. |
3 | Purchased 18 Swish Phones from Mega Tech for $540 each, terms net 30. |
3 | Purchased 23 DK800 Desktop Computers with cash for $800 each, Check No. 787. |
4 | Purchased 11 BG90 Plasma Televisions from Pony for $1,200 each, terms 2/10, n/30 |
4 | Paid the full amount owing to Moon Megasystems, Check No. 788. Payment fell outside discount period. |
4 | Sold 20 Swish Phones to Pikea for $720 each, plus 5% sales tax, Invoice No. 309. |
4 | Paid sales staff wages of $13,186 for the week up to and including yesterday, Check No. 789. Note that $6,500 of this payment relates to the wages expense incurred during the last week of May. |
5 | Made cash sale of 15 DK800 Desktop Computers for $1,440 each plus 5% sales tax. |
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