Geary Corporation had the following transactions: · Apr. 15 - Received $6,000 from Marion Company and signed a 60-day, eight percent note payable. May 22 - Borrowed $50,000 from Sinclair Bank, signing a 60-day note at nine percent. • June 14 - Paid Marion Company the principal and interest due on the April 15th note payable. • July 13 - Purchased $15,000 of merchandise from Sharp Company; signed a 90-day note with eight percent interest. · July 21 - Paid the May 22 note due to Sinclair Bank. · Oct 02 - Borrowed $38,000 from Sinclair Bank, signing a 120-day note at twelve percent interest. • Oct 11 - Paid the note payable and accrued interest to the Sharp Company (July 13). Required: 1. Record these transactions in a general journal format. 2. Record any adjusting entries for interest in a general journal format. Geary Corporation has a December 31 year-end.

Geary Corporation had the following transactions: · Apr. 15 - Received $6,000 from Marion Company and signed a 60-day, eight percent note payable. May 22 - Borrowed $50,000 from Sinclair Bank, signing a 60-day note at nine percent. • June 14 - Paid Marion Company the principal and interest due on the April 15th note payable. • July 13 - Purchased $15,000 of merchandise from Sharp Company; signed a 90-day note with eight percent interest. · July 21 - Paid the May 22 note due to Sinclair Bank. · Oct 02 - Borrowed $38,000 from Sinclair Bank, signing a 120-day note at twelve percent interest. • Oct 11 - Paid the note payable and accrued interest to the Sharp Company (July 13). Required: 1. Record these transactions in a general journal format. 2. Record any adjusting entries for interest in a general journal format. Geary Corporation has a December 31 year-end.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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