Journal Entries for Accounts and Notes Payable
Logan Company had the following transactions:

Required

a. Record these transactions in general journal form.
b. Record any adjusting entries for interest in general journal form. Logan Company has a December 31 year-end.

Round answers to nearest dollar. Use 360 days for interest calculations.

Apr. 8 Issued a $8,800, 75-day, 8% note payable in payment of an account with Bennett Company.
May 15 Borrowed $40,000, 60-day, 9% note from Lincoln Bank.
Jun. 22 Paid Bennett Company the principal and interest due on the April 8 note payable.
Jul. 6 Purchased $16,000 of merchandise from Bolton Company; signed a note for 90-day, 10% interest.
Jul. 14 Paid the May 15 note due Lincoln Bank.
Oct. 2 Borrowed $28,000, 120-day, 12% note from Lincoln Bank.
Oct. 4 Defaulted on the note payable to Bolton Company.

Question

06-11-2022
Business

Answered

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Journal Entries for Accounts and Notes Payable
Logan Company had the following transactions:

Required

a. Record these transactions in general journal form.
b. Record any adjusting entries for interest in general journal form. Logan Company has a December 31 year-end.

Round answers to nearest dollar. Use 360 days for interest calculations.

Apr. 8 Issued a $8,800, 75-day, 8% note payable in payment of an account with Bennett Company.
May 15 Borrowed $40,000, 60-day, 9% note from Lincoln Bank.
Jun. 22 Paid Bennett Company the principal and interest due on the April 8 note payable.
Jul. 6 Purchased $16,000 of merchandise from Bolton Company; signed a note for 90-day, 10% interest.
Jul. 14 Paid the May 15 note due Lincoln Bank.
Oct. 2 Borrowed $28,000, 120-day, 12% note from Lincoln Bank.
Oct. 4 Defaulted on the note payable to Bolton Company.

Sagot :

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