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yout F S a R VIEW View PROTECTED VIEW Be carefules from the Internet continue. Unless you need to edit it's safer to stay in Protected View Enable Editing fr C D PROBLEM 2 - Notes Payable (16 Points) 4 Described below are certain transactions of Lamar Company for 2019: 5 1. On June 1, the company purchased equipment for S150,000 from Rao Company, paying $50,000 in cash and giving a one-year, 9 6 2. On September 30, the company discounted at 10% its $300,000, one-year zero-interest-bearing note at Virginia State Bank note for the balance YOU MUST SHOW YOUR COMPUTATIONS IN THE SECTION BELOW THE JOURNAL ENTRIES , OR IN PARENTHESES NEXT TO THE ACCOUNT NAME IN YOUR JOURNAL ENTRY 10 Required: 1) Prepare the journal entry necessary to record the transactio ACCOUNT NAME DEBIT CREDIT 2) Prepare the journal entry necessary to record th Problem 2 Problem Woblen Problem Woblem Problem O Type here to search Ate LM 4/16/2001 11 JUIL. 0 Pro Enable Editing A30 - 1) Prepare the journal entry necessary to record the transaction 1 above. ACCOUNT NAME DEBIT CREDIT 2) Prepare the journal entry necessary to record the transaction 2 above. ACCOUNT NAME DEBIT CREDIT 3) Prepare the adjusting entry at December 31, 2019 in order to properly report interest expense for note payable in transaction 1 ACCOUNT NAME DEBIT CREDIT Problem 1 Problem 2 Problem Problem 4 Problem 5 Problem 6 De LM- A. Type here to search do 116 U PAUILLIEUVIEW O n e can contant Unless you need to dt'sale to stay Protected view i ng 3) Prepare the adjusting entry at December 31, 2019 in order to properly report interest expense for note payable in transaction 1 ACCOUNT NAME DEBIT CREDIT 4) Prepare the adjusting entry at December 31, 2019 in order to properly report interest expense for note payable in transaction 2 Assume straight-line amortization of discounts ACCOUNT NAME DEBIT CREDIT 43 Computations YOU MUST SHOW ALL OF YOUR WORK IN THIS SECTION Problem 1 Problem 2 Problem 3 Problem 4 Problem 5 Problem 6 0 Type here to search O te LM

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