Landover Corporation, whose accounting year ends June 30, 20x1, completed the following transacand End-of-Period Entries 21 Obtained
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Landover Corporation, whose accounting year ends June 30, 20x1, completed the following transacand End-of-Period Entries
21 Obtained a sixty-day extension on an 18,000 trade account payable owed to a supplier by
June 30 signing a 60 -day, 18,000 note. Interest, at 14 per cent, is in addition to the face value.
he Made end-of-year adjusting entry to accrue interest expense.
30 Made end-of-year adjusting entry to recognise interest expired on the note.
July 20 Paid off the note plus interest due the supplier.
Aug. 9 Paid the amount due to the bank on the 90 -day note.
Prepare general journal entries for the notes payable transactions.
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Related Book For
Financial Accounting A Global Approach
ISBN: 9780395839867
1st Edition
Authors: Sidney J. Gray, Belverd E. Needles
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