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Year 1 April 20 Purchased $39,500 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust
Year 1 April 20 Purchased $39,500 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,000 note payable along with paying $4,500 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 11%, $57,000 note payable. Paid the amount due on the note to Locust at the maturity date. _? Paid the amount due on the note to NBR Bank at the maturity date. November 28 Borrowed $30,000 cash from Fargo Bank by signing a 60-day, 7%, $30,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 _ ? Paid the amount due on the note to Fargo Bank at the maturity date. 5. Prepare journal entries for all the preceding transactions and events. Note: Do not round your intermediate calculations. View transaction list 4 May, 170 note payavici Paid the amount due on the note to Locust at the maturity date. 5 Paid the amount due on the note to NBR Bank at the maturity date. 6 Borrowed $30,000 cash from Fargo Bank by signing a 60- day, 7%, $30,000 note payable. Credit 7 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. 8 Paid the amount due on the note to Fargo Bank at the maturity date.
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1 April 20 Year 1 Merchandise Inventory Dr 39500 Accounts Payable Cr 39500 To record purchase of mer...Get Instant Access to Expert-Tailored Solutions
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