Following are the transactions given, you are required to pass Journal Entries for each and every transaction.
Question:
Following are the transactions given, you are required to pass Journal Entries for each and every transaction.
o A bank loans the Business named, ABC Company ,$1,020,000;
o The note has a 15% interest rate, payable quarterly to the bank.
o ABC wires funds to the bank to pay for the interest expense,
o On the date specified in the agreement, ABC pays the $1,020,000 loan back to the lender.
o The Business Purchases made from Salim and Co. worth of $12000
o Salim and Co. retuned defective goods worth of 500 Dollars
o The Business Sold goods for $ 10,000 for cash
o Few goods were returned back to the business worth of 300 Dollars
o The Business paid rent worth of $ 500
o The Business paid salaries worth of $ 5,000
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain