NOTES PAYABLE ENTRIES Milo Radio Shop had the following notes payable transactions: Apr. Borrowed $5,000 from...

 

 

Transcribed Image Text:

NOTES PAYABLE ENTRIES Milo Radio Shop had the following notes payable transactions: Apr. Borrowed $5,000 from Builder's Bank, signing a 90-day, 8% note. 5 Gave a $2,000, 60-day, 7% note to Breaker Parts Co. for purchase of merchandise. Paid $500 cash and gave a $1,500, 30-day, 6% note to M. K. Reynolds in payment of an account payable. 10 Мay 10 Paid $500 cash, plus interest, and issued a new $1,000, 30-day, 7% note to M. K. Reynolds. 20 Borrowed $3,500 for 60 days from Builder's Bank on a non-interest-bearing note. The discount rate is 7%. June 4 Paid $500 cash, plus interest, to Breaker Parts Co. (see April 5) and gave a new $1,500, 30-day, 7% note to extend time for payment. 9 Paid the principal and interest due on the $1,000 note to M. K. Reynolds. (See May 10.) 30 Paid the principal and interest due on the $5,000 note to Builder's Bank. (See April 1.) 4 Paid the principal and interest due on the $1,500 note to Breaker Parts Co. (See June July 4.) 19 Paid the $3,500 non-interest-bearing note to Builder's Bank. (See May 20.) REQUIRED Record the transactions in a general journal. M P PROBLEM 17-13A Post the account names and the debit and credit amounts. Some of the account names are provided. Fill in the names of the missing accounts and the account numbers as the posting reference. The dates and descriptions have also been provided. 10 12 13 14 ACCOUNTS & DESCRIPTIONS This journal entry is provided as an example. Please note that no debit or 15 DAIE OST REF ar 16 J.1 Apr. 1 Cash 5,000.00 credit amount is recorded on the last row. This is just a description of the transaction. Notes Payable 5,000.00 17 18 19 20 21 dr cr 22 1.2 Apr. 5 Purchases. 23 24 25 26 27 dr er 28 1.3 Apr. 10 Account Payable 29 30 31 32 33 34 dr 35 14 May. 10 Notes Payable (old note)l 36 37 38 39 40 41 42 dr cr 43 1.5 May. 20 Cash 44 45 46 47 48 49 dr 50 1.6 Jun. 4 Notes Payable 51 52 53 54 55 56 57 dr cr 58 1.7 Jun.9 Notes Payable 59 60 61 62 63 64 dr er Jun. 30 Notes Paybale 65 1.8 66 67 68 69 70 71 dr cr 72 19 Jul. 4 73 Cash 74 75 76 77 78 dr cr 79 1.10 Jul. 19 80 Discount on Notes Payable 81 82 83 84 86 87 88 89 90 92 NOTES PAYABLE ENTRIES Milo Radio Shop had the following notes payable transactions: Apr. Borrowed $5,000 from Builder's Bank, signing a 90-day, 8% note. 5 Gave a $2,000, 60-day, 7% note to Breaker Parts Co. for purchase of merchandise. Paid $500 cash and gave a $1,500, 30-day, 6% note to M. K. Reynolds in payment of an account payable. 10 Мay 10 Paid $500 cash, plus interest, and issued a new $1,000, 30-day, 7% note to M. K. Reynolds. 20 Borrowed $3,500 for 60 days from Builder's Bank on a non-interest-bearing note. The discount rate is 7%. June 4 Paid $500 cash, plus interest, to Breaker Parts Co. (see April 5) and gave a new $1,500, 30-day, 7% note to extend time for payment. 9 Paid the principal and interest due on the $1,000 note to M. K. Reynolds. (See May 10.) 30 Paid the principal and interest due on the $5,000 note to Builder's Bank. (See April 1.) 4 Paid the principal and interest due on the $1,500 note to Breaker Parts Co. (See June July 4.) 19 Paid the $3,500 non-interest-bearing note to Builder's Bank. (See May 20.) REQUIRED Record the transactions in a general journal. M P PROBLEM 17-13A Post the account names and the debit and credit amounts. Some of the account names are provided. Fill in the names of the missing accounts and the account numbers as the posting reference. The dates and descriptions have also been provided. 10 12 13 14 ACCOUNTS & DESCRIPTIONS This journal entry is provided as an example. Please note that no debit or 15 DAIE OST REF ar 16 J.1 Apr. 1 Cash 5,000.00 credit amount is recorded on the last row. This is just a description of the transaction. Notes Payable 5,000.00 17 18 19 20 21 dr cr 22 1.2 Apr. 5 Purchases. 23 24 25 26 27 dr er 28 1.3 Apr. 10 Account Payable 29 30 31 32 33 34 dr 35 14 May. 10 Notes Payable (old note)l 36 37 38 39 40 41 42 dr cr 43 1.5 May. 20 Cash 44 45 46 47 48 49 dr 50 1.6 Jun. 4 Notes Payable 51 52 53 54 55 56 57 dr cr 58 1.7 Jun.9 Notes Payable 59 60 61 62 63 64 dr er Jun. 30 Notes Paybale 65 1.8 66 67 68 69 70 71 dr cr 72 19 Jul. 4 73 Cash 74 75 76 77 78 dr cr 79 1.10 Jul. 19 80 Discount on Notes Payable 81 82 83 84 86 87 88 89 90 92