Tropical North Company, which has a December 31 year end and uses a periodic inventory system, completed
Question:
Tropical North Company, which has a December 31 year end and uses a periodic inventory system, completed the following transactions during 2022 and 2023:
Required
Prepare the necessary journal entries to record the above transactions. Assume that a 365-day year is used for calculations. Round all answers to the nearest cent.
2022 Oct. 14 Nov. 16 Dec. 13 Dec. 31 2023 Jan. 27 Sold merchandise to OFTR Racing, receiving a 60-day, 6 percent note for $5,000. Sold merchandise to Sunshine Racing, receiving a 72-day, 4 percent note for $7,500. Received amount due from OFTR Racing. Accrued interest on the Sunshine Racing note. Collected in full from Sunshine Company.
Step by Step Answer:
Date Account Debit Credit Oct 14 2022 Accounts Receivable 5000 Notes Receivable 5000 Nov 16 20...View the full answer
Horngrens Accounting Volume 1
ISBN: 9780136889373
12th Canadian Edition
Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura
Related Video
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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