The following transactions of Quality Home Supply occurred during 2025 and 2026: Requirements 1. Journalize the
Question:
The following transactions of Quality Home Supply occurred during 2025 and 2026:
Requirements
1. Journalize the transactions in the Quality Home Supply general journal. Round to the nearest dollar. Explanations are not required.
2. Prepare the liabilities section of the balance sheet for Quality Home Supply on March 1, 2026, after all the journal entries are recorded.
2025 Mar. 1 Dec. 1 31 31 2026 Jan. 1 Feb. 1 Mar. 1 1 Borrowed $100,000 from Barrow Bank. The five-year, 15% note requires payments due annually, on March 1. Each payment consists of $20,000 principal plus one year's interest. Mortgaged the warehouse for $400,000 cash with Santa Fe Bank. The mortgage requires monthly payments of $8,000. The interest rate on the note is 7% and accrues monthly. The first payment is due on January 1, 2026. Recorded interest accrued on the Santa Fe Bank note. Recorded interest accrued on the Barrow Bank note. Paid Santa Fe Bank monthly mortgage payment. Paid Santa Fe Bank monthly mortgage payment. Paid Santa Fe Bank monthly mortgage payment. Paid first installment on note due to Barrow Bank.
Step by Step Answer:
Journalize the transactions in the Quality Home Supply general journal Date January 1 2025 Account T...View the full answer
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780137858651
8th Edition
Authors: Tracie Miller Nobles, Brenda Mattison
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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