The petty cash fund was replenished on April 10. The balance in the fund was $11....

 

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The petty cash fund was replenished on April 10. The balance in the fund was $11. 3. The petty cash fund balance was increased $115 to $382 on April 20. Prepare the journal entries to record transactions related to petty cash for the month of April. (lf no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit April 10 On July 1, 202O, Bonita Inc. made two sales. It sold land having a fair value of $905,580 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,424,943. The land is carried on Bonita's books at a cost of $599,000. 1. It rendered services in exchange for a 3%, 8-year promissory note having a face value of $403,240 (interest payable annually). 2. Bonita Inc. recently had to pay 8% interest for money that it borrowed from British National Bank. The customers in these two transactions have credit ratings that require them to borrow money at 12% interest. Record the two journal entries that should be recorded by Bonita Inc. for the sales transactions above that took place on July 1, 2020. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit July 1, 1. Notes Receivable 1,424,943 2020 Discount on Notes Receivable 519363 Land 599,000 Gain on Disposal of Land 306580 July 1, Notes Receivable 403,240 2020 Discount on Notes Receivable Service Revenue 2. The petty cash fund was replenished on April 10. The balance in the fund was $11. 3. The petty cash fund balance was increased $115 to $382 on April 20. Prepare the journal entries to record transactions related to petty cash for the month of April. (lf no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit April 10 On July 1, 202O, Bonita Inc. made two sales. It sold land having a fair value of $905,580 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,424,943. The land is carried on Bonita's books at a cost of $599,000. 1. It rendered services in exchange for a 3%, 8-year promissory note having a face value of $403,240 (interest payable annually). 2. Bonita Inc. recently had to pay 8% interest for money that it borrowed from British National Bank. The customers in these two transactions have credit ratings that require them to borrow money at 12% interest. Record the two journal entries that should be recorded by Bonita Inc. for the sales transactions above that took place on July 1, 2020. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit July 1, 1. Notes Receivable 1,424,943 2020 Discount on Notes Receivable 519363 Land 599,000 Gain on Disposal of Land 306580 July 1, Notes Receivable 403,240 2020 Discount on Notes Receivable Service Revenue 2.

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Answer Petty cash fund Date Account Titles and explanation Debit Credit Apr20 ... View the full answer