Question: Cosimo Enterprises issues a $260,000, 45-day, 5% note to Dixon Industries for merchandise inventory. a. Journalize Cosimo Enterprises' entries to record: 1. The issuance of

Cosimo Enterprises issues a $260,000, 45-day, 5% note to Dixon Industries for merchandise inventory.

a. Journalize Cosimo Enterprises' entries to record:

1. The issuance of the note.

2. The payment of the note at maturity.

b. Journalize Dixon Industries' entries to record:

1. The receipt of the note.

2. The receipt of the payment of the note at maturity?

Step by Step Solution

★★★★★

3.42 Rating (158 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

1 Merchandise Inventory 260000 Notes Payable 2... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

1243-B-C-A-L(352).docx

120 KBs Word File

Students Have Also Explored These Related Cost Accounting Questions!

Q:

Endnote Enterprises entered into the following transactions during 2012: 1. Sold merchandise for $52,000 in cash. 2. Purchased a parcel of land. The company paid $12,000 m cash and issued a $30,000...

Q:

TKR Enterprises issues a 30-day note for $570,000 to Sweeney Industries for merchandise inventory. Sweeney Industries discounts the note at 8%. a. Journalize TKR Enterprises entries to record: 1. The...

Q:

Swain Enterprises issues a 60-day note for $800,000 to Hill Industries for merchandise inventory. Hill Industries discounts the note at 6%. a. Journalize Swain Enterprises' entries to record: 1. The...

Q:

3. Pedroni Enterprises issues a $260,000, 45 day 5 % note to Zorzi Industries for merchandise inventory a. Journalize Pedroni Enterprises entries to record: 1. The issuance of the note 2. The payment...

Q:

Griffin Enterprises issues a $660, 000, 45-day, 4% note to Romo Industries for merchandise inventory. Journalize Griffin Enterprices enters to record: The issuance of the note: the payment of the...

Q:

please do the journal entries Chart of Accounts-Bennett Ent. Chart of Accounts-Spectrum Intd Instructions Bennett Enterprises issues a s625 ,000, 45-day, 4% note to Spectrum Industries for...

Q:

Pedroni Enterprises issues a $260,000, 45 day 5 % note to Zorzi Industries for merchandise inventory a.Journalize Pedroni Enterprises entries to record: 1.The issuance of the note 2.The payment of...

Q:

3.Pedroni Enterprises issues a $260,000, 45 day 5 % note to Zorzi Industries for merchandise inventory a.Journalize Pedroni Enterprises entries to record: 1.The issuance of the note 2.The payment of...

Q:

2. Pedroni Oil Company purchased packaging equipment on January 8 for $72,000. The equipment was expected to have a useful life of three years or 18,000 operating hours, and a residual value of...

Q:

F2 2. Pedroni CH Company purchased packaging equipment on January 8 for $72,000. The equipment wat expected to have a useful life of three years or 18,000 operating hours, and a residual value of...

Q:

13. Consider a null hypothesis stating that the population mean is equal to 52, with the research hypothesis that the population mean isn't equal to 52. Assume you've collected 38 sample data from...

Q:

What is a book closing calendar? And what are the activities that occur differently between Month end close and Year end close? please write it in word document , or write it in clear way to be easy...

Q:

Question 6 of 2 5 Toolbox Revisit Later Review & Finalize Section 2 0 . 0 % complete Question In what order should the steps in the financial planning process occur? Identifying and Selecting Goals...

Q:

Why did the NBA players avert a strike (In the News NBA and Players Strike a Deal and Collective Bargaining text) ? LO17-2

Q:

What is the most significant IFRS departure from U.S. GAAP for valuing property, plant, and equipment?

Q:

What is the most significant IFRS departure from U.S. GAAP for valuing property, plant, and equipment?

Q:

What is the most significant IFRS departure from U.S. GAAP for valuing property, plant, and equipment?

Q:

Route Canal Shipping Company has the following schedule for aging of accounts receivable: a. Calculate the percentage of amount due for each month. b. If the firm had $1,716,000 in credit sales over...

Q:

P3-6 (Algo) Analyzing the Effects of Transactions Using T-Accounts, Preparing an Income Statement, and Evaluating the Net Profit Margin Ratio LO3-4, 3-5, 3-6 [The following information applies to the...

Q:

4. RM1000 was deposited on 29th April 2019. Find the accumulated value if the money is withdrawn on 21st February 2020, with the simple interest rate of 6%, and consider the time is counted using:...