Homework Help is Here – Start Your Trial Now!
Business
Accounting
Following are the transactions of PQR Company in year 2019 and 2020: 2019 July 1 October 1 Borrowed $25,000 cash from POL Bank by signing a 7%, 6-month, $25,000 note. Purchased Land from GHI Itd. by signing a 9%, 2-month, $40,000 note. Purchased $60,000 of merchandise on credit from XYZ Itd, terms are n/30. PQR uses the perpetual November 1 inventory system. December 1 Paid the amount due on the note to GHI Itd. at the maturity date. Replaced the account payable of XYZ Itd. with a 10%, 3-month, $60,000 note. December 1 December 31 Accrued interest on the notes payable.. 2020 January 1 March 1 Paid the amount due on the note to POL Bank at the maturity date. Paid the amount due on the note to XYZ Itd. at the maturity date. Question No. 8 Journalize the transactions of year 2019. Question No. 9 Prepare the current liabilities section at December 31, 2019. Also, journalize the transactions of year 2020.

Following are the transactions of PQR Company in year 2019 and 2020: 2019 July 1 October 1 Borrowed $25,000 cash from POL Bank by signing a 7%, 6-month, $25,000 note. Purchased Land from GHI Itd. by signing a 9%, 2-month, $40,000 note. Purchased $60,000 of merchandise on credit from XYZ Itd, terms are n/30. PQR uses the perpetual November 1 inventory system. December 1 Paid the amount due on the note to GHI Itd. at the maturity date. Replaced the account payable of XYZ Itd. with a 10%, 3-month, $60,000 note. December 1 December 31 Accrued interest on the notes payable.. 2020 January 1 March 1 Paid the amount due on the note to POL Bank at the maturity date. Paid the amount due on the note to XYZ Itd. at the maturity date. Question No. 8 Journalize the transactions of year 2019. Question No. 9 Prepare the current liabilities section at December 31, 2019. Also, journalize the transactions of year 2020.

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 10.1EX: Current liabilities Bon Nebo Co. sold 25,000 annual subscriptions of Bjorn for 85 during December...
See similar textbooks
icon
Related questions
Question
10:12 M A O N ll 86%i Following are the transactions of PQR Company in year 2019 and 2020: 2019 July 1 October 1 Borrowed $25,000 cash from POL Bank by signing a 7%, 6-month, $25,000 note. Purchased Land from GHI Itd. by signing a 9%, 2-month, $40,000 note. Purchased $60,000 of merchandise on credit from XYZ Itd, terms are n/30. PQR uses the perpetual November 1 inventory system. December 1 Paid the amount due on the note to GHI Itd. at the maturity date. Replaced the account payable of XYZ Itd. with a 10%, 3-month, $60,000 note. December 1 December 31 Accrued interest on the notes payable.. 2020 January 1 March 1 Paid the amount due on the note to POL Bank at the maturity date. Paid the amount due on the note to XYZ Itd. at the maturity date. Question No. 8 Journalize the transactions of year 2019. Question No. 9 Prepare the current liabilities section at December 31, 2019. Also, journalize the transactions of year 2020. II
Transcribed Image Text:10:12 M A O N ll 86%i Following are the transactions of PQR Company in year 2019 and 2020: 2019 July 1 October 1 Borrowed $25,000 cash from POL Bank by signing a 7%, 6-month, $25,000 note. Purchased Land from GHI Itd. by signing a 9%, 2-month, $40,000 note. Purchased $60,000 of merchandise on credit from XYZ Itd, terms are n/30. PQR uses the perpetual November 1 inventory system. December 1 Paid the amount due on the note to GHI Itd. at the maturity date. Replaced the account payable of XYZ Itd. with a 10%, 3-month, $60,000 note. December 1 December 31 Accrued interest on the notes payable.. 2020 January 1 March 1 Paid the amount due on the note to POL Bank at the maturity date. Paid the amount due on the note to XYZ Itd. at the maturity date. Question No. 8 Journalize the transactions of year 2019. Question No. 9 Prepare the current liabilities section at December 31, 2019. Also, journalize the transactions of year 2020. II
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Notes
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Corporate Financial Accounting
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS