Question: Rescue Sequences LLC purchased inventory by issuing a 12 000 10
Rescue Sequences, LLC, purchased inventory by issuing a $12,000, 10%, 60-day note on October 1. Prepare the journal entries for Rescue Sequences to record the purchase and payment assuming it uses a 360-day calendar fiscal year.
Answer to relevant QuestionsUse the same information in RE13-1 except that the note is not interest bearing. Assume that the note is discounted at a 15% rate.In RE13-1, Rescue Sequences, LLC, purchased inventory by issuing a $12,000, 10%, 60-day note ...Borat Company gives annual bonuses after the end of the year. Borat computes the bonuses based on the company’s net income after deducting both the bonuses and the income taxes. Borat’s income before bonuses and income ...On October 30, 2010, the Sanchez Company acquired a piece of machinery and signed a 12-month note for $24,000. The face value of the note includes the price of the machinery and interest. The note is to be paid in four ...On December 31, 2010, Carrboro Textile Company had short-term debt in the form of notes payable totaling $600,000. These notes were due on June 1, 2011. Carrboro expected to refinance these notes on a long-term basis. On ...While auditing the 2010 financial statements of Warder Corporation, you found evidence that the following were not included in its current liabilities on the December 31, 2010 balance sheet:1. Convertible bonds maturing in ...
Post your question