Question

The following were among this year's transactions of baker company, which uses a periodic inventory system.

-Jan 8; bought merchandise on account from long company, $5550, terms 3/10,n/30.

-Jan 18; paid long company for the invoice of jan 8.

-Feb 14; bought merchandise on account from reyes company, $2500, terms net 30 days.

-Mar 16; gave a 45-day,6% note, dated march 16, for $2500 to reyes company to apply on account.

-Apr 30; paid reyes company the amount owed on the note of march 16

-May 24; borrowed $10,000 from kelly national bank, giving a 90-day, 5.75% note, dated may 24, for that amount (received full face value)

-Aug 22; paid kelly national bank the amount due on the note of may 24.

RECORD THESE TRANSACTIONS IN A GENERAL JOURNAL.

The following were among the transactions of kirstens craft shop during this year. The firm, whose fiscal year ends on December 31, uses a periodic inventory system.

-Jan 25; bought merchandise on account from rossy company, $3565, terms 2/10, n/30.

-Feb 24; gave a 30-day, 5% note, dated feb 24 for $3565 to rossy company to apply on account.

-Mar 26; paid $2000 as partial payment on principal as well as the full interest on the note given to rossy company. Issued a new 45-day, 6% note, dated march 26, for $1565 (2 entries)

-May 10; paid rossy company the amount owed on the note of march 26.

-June 26; borrowed $8000 from old town bank for 90 days; discount rate is 5.5%. Accordingly, signed a discounted note for $8000, dated june 26.

-Sept 24; paid old town bank the amount owed on the note of june 26.

-Oct 28; bought display racks for $1235 from carsons fixtures. Issued a 90-day, 5.25% note, dated October 28.

-Dec 31; recorded the adjusting entry for accrued interest on the note given to carsons fixtures.

-Jan 1; recorded the reversing entry. (assume that closing entries were journalized and posted.)

RECORD THESE TRANSACTIONS IN THE GENERAL JOURNAL.

IMMEDIATELY AFTER EACH JOURNAL ENTRY, RECORD EACH NOTE IN THE NOTES PAYABLE REGISTER. FILL IN THE DATE PAID AFTER JOURNALIZING THE ENTRY TO PAY THE NOTE ORFILL IN RENEWED IF NOT PAID.

Place New Order
It's Free, Fast & Safe

"Looking for a Similar Assignment? Order now and Get a Discount!