Jan. 1 Accepted Runtime Co's 120-day, 10% note as settlement of an outstanding $15,000 account receivable for
Question:
Jan. 15 Purchased $10,000 Equipment from XYZ, signing a 9-month, 12% note.
Jan. 15 Loaned Warner Co. $30,000 cash, accepting a 90-day, 10% note.
Jan. 31 Prepared accrual adjusting entry for any interest revenue.
Apr. 15 Received payment in full from Warner Co. for outstanding note and interest.
May 1 Received payment in full from Runtime Co for the outstanding note and interest.
Oct. 15 Paid XYZ in full.
Required:
Prepare Acme Supply Company's general journal entries.
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Related Book For
Managerial Accounting
ISBN: 978-1259307416
16th edition
Authors: Ray Garrison, Eric Noreen, Peter Brewer
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