The following transactions of Melody Music Company occurred during 2021 and 2022: Requirement 1. Record the transactions
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The following transactions of Melody Music Company occurred during 2021 and 2022:
Requirement
1. Record the transactions in Melody Music Company’s journal. Explanations are not required.
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2021 Mar 3 May 31 Sep 3 Dec 31 31 2022 May 31 Purchased a piano (inventory) for $45,000, signing a six-month, 10% note payable. Borrowed $100,000 on a 5% one-year note payable. Paid the six-month, 10% note at maturity. Accrued warranty expense, which is estimated at 2% of sales of $202,000. Accrued interest on the outstanding note payable. Paid the outstanding note payable at maturity.
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Req 1 DATE 2021 Journal ACCOUNT TITLES AND EXPLANATION Mar 3 Inventory Note Payable Shortterm May 3...View the full answer
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my expertise are as follows: financial accounting : - journal entries - financial statements including balance sheet, profit & loss account, cash flow statement & statement of changes in equity -consolidated statement of financial position. -ratio analysis -depreciation methods -accounting concepts -understanding and application of all international financial reporting standards (ifrs) -international accounting standards (ias) -etc business analysis : -business strategy -strategic choices -business processes -e-business -e-marketing -project management -finance -hrm financial management : -project appraisal -capital budgeting -net present value (npv) -internal rate of return (irr) -net present value(npv) -payback period -strategic position -strategic choices -information technology -project management -finance -human resource management auditing: -internal audit -external audit -substantive procedures -analytic procedures -designing and assessment of internal controls -developing the flow charts & data flow diagrams -audit reports -engagement letter -materiality economics: -micro -macro -game theory -econometric -mathematical application in economics -empirical macroeconomics -international trade -international political economy -monetary theory and policy -public economics ,business law, and all regarding commerce
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