Give the general journal entry to record each of the following transactions for Davidson Company: 1....
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Give the general journal entry to record each of the following transactions for Davidson Company: 1. Issued a 6-month. 8 percent note for $73,000 to purchase two forklifts on May 14, 20X1 (debit Warehouse Equipment 2. Discounted its own 180-day, noninterest-bearing note with a principal amount of $27,000 at the Nelson Bank and Trust on May 28, 20X1. The bank charged a discount rate of 9 percent. 3. Paid the May 14 note on its due date. 4. Paid the note discounted on May 28 on its due date. Analyze: What is the total interest expense for the year as a result of these transactions? Give the general journal entry to record each of the following transactions for Davidson Company: 1. Issued a 6-month. 8 percent note for $73,000 to purchase two forklifts on May 14, 20X1 (debit Warehouse Equipment 2. Discounted its own 180-day, noninterest-bearing note with a principal amount of $27,000 at the Nelson Bank and Trust on May 28, 20X1. The bank charged a discount rate of 9 percent. 3. Paid the May 14 note on its due date. 4. Paid the note discounted on May 28 on its due date. Analyze: What is the total interest expense for the year as a result of these transactions?
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The transactions are journalized below Date Account Title Debit Credit May14 War... View the full answer
Related Book For
College Accounting Chapters 1-30
ISBN: 978-1259631115
15th edition
Authors: John Price, M. David Haddock, Michael Farina
Posted Date:
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