Journalize the following entries on the books of Winston Co. for August 1, September 1, and November 30. (Assume a 360-day year is used for interest calculations.) Aug. 1 Winston Co. purchased merchandise for $75,000 on account from Bagley Co., terms n/30. Sept. 1 Winston Co. issued a 90-day, 6% note for $75,000 on account. Nov. 30 Winston Co, paid the amount due. If an amount box does not require an entry, leave it blank. Aug. 1 If an amount box does not require an entry, leave it blank. Sept. 1 If an amount box does not require an entry, leave it blank. Nov. 30
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- Journalize the following entries on the books of Winston Co. for August 1, September 1, and November 30. (Assume a 360-day year is used for interest calculations.) Aug. 1 Winston Co. purchased merchandise for $75,000 on account from Bagley Co., terms n/30. Sept. 1 Winston Co. issued a 90-day, 6% note for $75,000 on account. Nov. 30 Winston Co. paid the amount due.Transactions: Apr. 30 Issued a $162,000, 30-day, 6% note dated April 30 to Misner Co. on account. May 30 Paid Misner Co. the amount owed on the note dated April 30. Required: Journalize the above transaction, assuming a 360-day year is used for interest calculations. Refer to the Chart of Accounts for exact wording of account titles.Notes Receivable Entries 1. Record the transactions in a general journal. When required, enter amounts to the nearest cent. If an amount box does not require an entry, leave it blank. Assume 360 days in a year. J. K. Pratt Co. had the following transactions: 20-1 July 20 Received a $750, 30-day, 5% note from J. Akita in payment for sale of merchandise. Aug. 19 J. Akita paid note issued July 20 plus interest. 25 Sold merchandise on account to L. Beene, $1,100. Sept. 5 L. Beene paid $100 and gave a $1,000, 30-day, 6% note to extend time for payment. Oct. 5 L. Beene paid note issued September 5, plus interest. 10 Sold merchandise to R. Harris for $750: $50 plus a $700, 30-day, 6% note. Nov. 9 R. Harris paid $200 plus interest on note issued October 10 and extended the note ($500) for 30 days. Dec. 9 R. Harris paid note extended on November 9, plus interest. 10 Sold merchandise on account to B. Kraus, $1,500. 15 B. Kraus paid $150 on merchandise purchased on…
- Journalize the following entries on the books of the borrower and creditor. (Assume a 360-day year is used for interest calculations.) Jun. 1 Regis Co. purchased merchandise on account from Winthrop Co., $60,000, terms n/30. Jun. 30 Regis Co. issued a 60-day, 5% note for $60,000 on account. Aug. 29 Regis Co. paid the amount due. Regis Co. (Borrower). If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. Jun. 1 Jun. 30 Aug. 29 Winthrop Co. (Creditor). If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. Jun. 1 Jun. 30 Aug. 29Transactions: Apr. 30 Issued a $198,000, 30-day, 6% note dated April 30 to Misner Co. on account. May 30 Paid Misner Co. the amount owed on the note dated April 30. Required: Journalize the above transaction, assuming a 360-day year is used for interest calculations. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment LIABILITIES 211 Accounts Payable-Batson Company 212 Accounts Payable-Jergens Inc. 213 Accounts Payable-Misner Co. 214 Accounts Payable-Scotland Company 221 Notes Payable-Batson Company 222 Notes Payable-Jergens Inc. 223 Notes Payable-Misner Co. 224 Notes Payable-Scotland…Journalize the following, assuming a 360-day year is used for interest computations: Apr. 30 Issued a $126,000, 30-day, 6% note dated April 30 to Misner Co. on account. May 30 Paid Misner Co. the amount owed on the note dated April 30. If an amount box does not require an entry, leave it blank. Apr. 30 May 30 3 3 000 ?
- Journalize the following entries on the books of the borrower and creditor. Label accordingly. (Assume a 360-day year is used for interest calculations.) Jun. 1 Regis Co. purchased merchandise on account from Winthrop Co., $60,000, terms n/30. Jun. 30 Regis Co. issued a 60-day, 5% note for $60,000 on account. Aug. 29 Regis Co. paid the amount due.Journalize the following entries on the books of the borrower and creditor. (Assume a 360-day year is used for interest computations.) June 1 Regis Co. purchased merchandise on account from Winthrop Co., $60,000, terms n/30. The cost of merchandise sold was $36,000. 30 Regis Co. issued a 60-day, 5% note for $60,000 on account. Aug. 29 Regis Co. paid the amount due. Regis Co. (Borrower). If an amount box does not require an entry, leave it blank. June 1 fill in the blank 0fa28bf87f8205e_2 fill in the blank 0fa28bf87f8205e_3 fill in the blank 0fa28bf87f8205e_5 fill in the blank 0fa28bf87f8205e_6 June 30 fill in the blank 0fa28bf87f8205e_8 fill in the blank 0fa28bf87f8205e_9 fill in the blank 0fa28bf87f8205e_11 fill in the blank 0fa28bf87f8205e_12 Aug. 29 fill in the blank 0fa28bf87f8205e_14 fill in the blank 0fa28bf87f8205e_15 fill in the blank 0fa28bf87f8205e_17 fill in the blank 0fa28bf87f8205e_18 fill in the blank…Journalize the following entries on the books of the borrower and creditor. Label accordingly. (Assume a 360-day year is used for interest calculations.) June 1 James Co. purchased merchandise on account from O’Leary Co., $90,000, terms n/30. The cost of merchandise sold was $54,000. 30 James Co. issued a 60-day, 5% note for $90,000 on account. Aug. 29 James Co. paid the amount due.
- Journalize the following, assuming a 360-day year is used for interest computations: Apr. 30 Issued a $1,080,000, 120-day, 9% note dated April 30 to Misner Co. on account. Paid Misner Co. the amount owed on the note dated April 30. Aug. 30 If an amount box does not require an entry, leave it blank. Apr. 30 Aug. 30Journalize the following entries on the books of the borrower and creditor. Label accordingly. (Assume a 360-day year is used for interest calculations.) Jun. 1 James Co. purchased merchandise on account from O’Leary Co., $90,000, terms n/30. Jun. 30 James Co. issued a 60-day, 5% note for $90,000 on account. Aug. 29 James Co. paid the amount due.On June 8, Alton Co. issued an $77,100, 7%, 120-day note payable to Seller Co. Assume that the fiscal year of Seller Co. ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Seller in the following year? When required, round your answer to the nearest dollar. $450 $1,469 $900 $5,397