described below are certain

Project Description:

described below are certain transactions of jackson company for 2007:
a. on may 10, the company purchased goods from hickory company for $55,000, terms 2/10, n/30. purchases and accounts payable are recorded at gross amounts. the invoice was paid on may 18. jackson uses the periodic method for inventory purchases.
b. on june 1, the company purchased equipment for $60,000 from north land company, paying $20,000 in cash and giving a one-year, 8% note for the balance.
c. on september 30, the company discounted at 10% its $150,000, one-year zero-interest-bearing note at first state bank.

1. prepare the journal entries necessary to record the transactions above using appropriate dates.

2. prepare the adjusting entries necessary at december 31, 2007. hint there are two notes that require adjusting entries for properly reporting interest expense at the end of the year. assume straight-line amortization of discounts.

date account/description debit credit





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