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. 1Winston Co. purchased merchandise for $75,000 on account from Bagley Co., terms n/30.Sept. 1Winston Co. issued a 90-day, 6% note for $75,000 on account.Nov. 30Winston Co. paid the amount due.

Note means an instrument acknowledging as debt due from one party to another party.

Answered: Journalize the following entries on the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 16Q: Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual...

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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.

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