10-1 Journal Entries for Accounts and Notes Payable Logan Company had the following transactions: Apr 8 Issued a $5,000, 60-day, six percent note payable in payment of an account with Bennett Company May 15 Borrowed $40, 000 from Lincoln Bank, signing a 60-day note at nine percent. June 7 Paid Bennett Company the principal and interest due on the April 8 note payable. July 6 Purchased $12, 000 of merchandise from Bolton Company; signed at 90-day note with ten percent interest. July 14 Paid the the May 15 note due Lincoln Bank. Oct. 2 Borrowed $30, 000 from Lincoln Bank, signing a 120-day note at 12 percent. 4 Defaulted on the note payable to Bolton Company. Required Record these transactions in general journal form. Record any adjusting entries for interest in general form. Logan Company has a December 31 year -end
10-1 Journal Entries for Accounts and Notes Payable Logan Company had the following transactions: Apr 8 Issued a $5,000, 60-day, six percent note payable in payment of an account with Bennett Company May 15 Borrowed $40, 000 from Lincoln Bank, signing a 60-day note at nine percent. June 7 Paid Bennett Company the principal and interest due on the April 8 note payable. July 6 Purchased $12, 000 of merchandise from Bolton Company; signed at 90-day note with ten percent interest. July 14 Paid the the May 15 note due Lincoln Bank. Oct. 2 Borrowed $30, 000 from Lincoln Bank, signing a 120-day note at 12 percent. 4 Defaulted on the note payable to Bolton Company. Required Record these transactions in general journal form. Record any adjusting entries for interest in general form. Logan Company has a December 31 year -end
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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P10-1
Logan Company had the following transactions:
Apr 8 Issued a $5,000, 60-day, six percent note payable in payment of an account with Bennett Company
May 15 Borrowed $40, 000 from Lincoln Bank, signing a 60-day note at nine percent.
June 7 Paid Bennett Company the principal and interest due on the April 8 note payable.
July 6 Purchased $12, 000 of merchandise from Bolton Company; signed at 90-day note with ten percent interest.
July 14 Paid the the May 15 note due Lincoln Bank.
Oct. 2 Borrowed $30, 000 from Lincoln Bank, signing a 120-day note at 12 percent.
4 Defaulted on the note payable to Bolton Company.
Required
- Record these transactions in general journal form.
- Record any
adjusting entries for interest in general form. Logan Company has a December 31 year -end.
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