OWv2| Onlin X om/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLoca Book Show Me How Calculator ournal Entries (Note Issued, Renewed, and Paid) May 1 Purchased $5,000 worth of equipment from a supplier on account. June 1 Issued a $5,000, 30-day, 6 % note in payment of the account payable. July 1 Paid $500 cash plus interest to the supplier, extending the note for 30 days from July 1. 31 Paid the note in full. Aug. 10 Issued a $3,500, 60-day, 7% note to a supplier for purchese of merchandise. Prepare general journal entries for the transactions. Assume 360 days in a year Page: 1 Doc. POST NO REF. DATE ACCOUNT TITLE DEBIT CREDIT 20- May 1 Equipment 5,000 Accounts Payable 5,000 3 nts Payable 4 Jun. 1 5.000 Netes Pay ht 5.000 5 5 Hotes Pay lolcithots Jul. 1 5.000 1nterest pedse Chedk My Work ro n

OWv2| Onlin X om/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLoca Book Show Me How Calculator ournal Entries (Note Issued, Renewed, and Paid) May 1 Purchased $5,000 worth of equipment from a supplier on account. June 1 Issued a $5,000, 30-day, 6 % note in payment of the account payable. July 1 Paid $500 cash plus interest to the supplier, extending the note for 30 days from July 1. 31 Paid the note in full. Aug. 10 Issued a $3,500, 60-day, 7% note to a supplier for purchese of merchandise. Prepare general journal entries for the transactions. Assume 360 days in a year Page: 1 Doc. POST NO REF. DATE ACCOUNT TITLE DEBIT CREDIT 20- May 1 Equipment 5,000 Accounts Payable 5,000 3 nts Payable 4 Jun. 1 5.000 Netes Pay ht 5.000 5 5 Hotes Pay lolcithots Jul. 1 5.000 1nterest pedse Chedk My Work ro n

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

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 13P: Reversing Entries Thomas Company entered into two transactions involving promissory notes and...

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