Chapter 2, Problem 16E

Please verify that all June 1 balances are in the ledgers by comparing them to the May 31, 2021 trial balance before posting. There are two tabs in the Excel spreadsheet: Income Statement Accounts and Balance Sheet Accounts. You will need both tabs to post to all the accounts. Use the given information from the General Journal below to fill in the Ledger for the balance sheet and income statement account sheets through the month of June. General Journal Date Description Post Ref. Debit Credit June 3 Inventory 116 50,400     Accounts Payable 210   50,400 June 6 Accounts Receivable 111 17,400     Sales 410   17,400   Costs Of Goods Sold 510 12,000     Inventory 116   12,000 June 8 Notes Receivable 114 500     Bad Debt Expense 522   500 June 10 Cash 104 40,000     Salaries Payable 211   40,000   Cash 104 26,000     Office Salaries Expense…

On January 1, 2022, Oriole Company issued $430,000, 8%, 10-year bonds at face value. Interest is payable annually on January 1. (a)

Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement. List all debit entries before credit entries.) (b) Account Titles and Explanation (c) purchases accounts payable Date December 31 Accounts Payable Notes Payable December 31 cash eTextbook and Medial Discount on Notes Payable List of Accounts Your Answer Correct Answer Solution notes payable Your answer is partially correct. Account Titles and Explanation Interest Expense Interest Payable (To record interest on the note) Interest Expense Prepare adjusting entries at December 31. (if no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round…