Below are selected transactions of Cheyenne Ltd. for 2023, which uses a perpetual inventory system: 1....

   

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Below are selected transactions of Cheyenne Ltd. for 2023, which uses a perpetual inventory system: 1. 2. 3. On May 10, the company purchased goods from Jay Corp. for $60,000, terms 4/10, n/30. The invoice was paid on May 18. On June 1, the company purchased equipment for $183,000 from Seagull Ltd., paying $61,000 in cash and giving a one-year, 9% note for the balance. On September 30, the company borrowed $162,000 from the Second National Bank by signing a one year, zero-interest- bearing note for $178,200. The discount rate was 10%. Your answer is partially correct. Prepare the journal entries necessary to record these transactions using appropriate dates. (Credit account tities are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List all debit entries before credit entries.) Prepare the adjusting entries necessary at December 31, 2023 in order to properly record interest expense related to the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required. select "No Entry" for the account tities and enter 0 for the amounts List all debit entries before credit entries.) Below are selected transactions of Cheyenne Ltd. for 2023, which uses a perpetual inventory system: 1. 2. 3. On May 10, the company purchased goods from Jay Corp. for $60,000, terms 4/10, n/30. The invoice was paid on May 18. On June 1, the company purchased equipment for $183,000 from Seagull Ltd., paying $61,000 in cash and giving a one-year, 9% note for the balance. On September 30, the company borrowed $162,000 from the Second National Bank by signing a one year, zero-interest- bearing note for $178,200. The discount rate was 10%. Your answer is partially correct. Prepare the journal entries necessary to record these transactions using appropriate dates. (Credit account tities are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List all debit entries before credit entries.) Prepare the adjusting entries necessary at December 31, 2023 in order to properly record interest expense related to the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required. select "No Entry" for the account tities and enter 0 for the amounts List all debit entries before credit entries.)

Answer rating: 100% (QA)

Okay lets go through the transactions and record the journal entries 1 Purchase of g... View the full answer