July 17 20XX Paid the liability of July 5th, $2,100.00. When entering journal entries enter the date, the account to be debited and the amount, enter the account to be credited and the amount, and a short explanation.
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July 17 20XX Paid the liability of July 5th, $2,100.00.
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- Prepare journal entries to record the following transactions. Create a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume Interest Payable beginning balance of $2,500). A. March 1, paid interest due on note, $2,500 B. December 31, interest accrued on note payable, $4,250July 20 20XX Paid the utilities for the month, $550. When entering journal entries enter the date, the account to be debited and the amount, enter the account to be credited and the amount, and a short explanation.July 22 20XX Paid $75 for repair to equipment. When entering journal entries enter the date, the account to be debited and the amount, enter the account to be credited and the amount, and a short explanation.
- July 11 20XX Withdrew $200 for personal use. When entering journal entries enter the date, the account to be debited and the amount, enter the account to be credited and the amount, and a short explanation.July 14 20XX Performed accounting services on account, $2,100. When entering journal entries enter the date, the account to be debited and the amount, enter the account to be credited and the amount, and a short explanation.July 8 20XX Received cash for services performed, $3,200. When entering journal entries enter the date, the account to be debited and the amount, enter the account to be credited and the amount, and a short explanation.
- Mar. 19) The company paid $9,700 cash for the premium on a 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. Note: Enter debits before credits. Date Account Title Debit Credit Mar 19A. March 1, paid interest due on note, $2,900 B. December 31, interest accrued on note payable, $4,350 Prepare journal entries to record the above transactions. If an amount box does not require an entry, leave it blank. Mar.1 Dec. 31 Create a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume Interest Payable beginning balance of $2,900). Interest Payable Beginning Balance BalancePA10.) Prepare journal entries to record the following transactions. Create a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume Interest Payable beginning balance of $2,500). March 1, paid interest due on note, $2,500 2. December 31, interest accrued on note payable, $4,250
- Mar. 12) The company paid $10,000 cash to settle the account payable created on March 3. Note: Enter debits before credits. Date Account Title Debit Credit Mar 12The company determines that the interest expense on a note payable for the period ending December 31 is $630. This amount is payable on January 1. Prepare the journal entries required on December 31 and January 1. If an amount box does not require an entry, leave it blank. Dec. 31 Jan. 1Brief Exercise 11-02 Sheridan Company borrows $53,400 on July 1 from the bank by signing a $53,400, 8%, one-year note payable. (a) Prepare the journal entry to record the proceeds of the note. (b) Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No. Date Account Titles and Explanation Debit Credit (a) July 1Dec. 31 (b) July 1Dec. 31