Question: hello could someone help me with this exercice ? Do records of these transactions: On April 20, purchased $ 37 500 of merchandise on credit

hello could someone help me with this exercice ?
hello could someone help me with this exercice ? Do records of
Do records of these transactions:
On April 20, purchased $ 37 500 of merchandise on credit from Cheny, term are 1/10, n/30.
On May 15 replaced the account payable to Cheny with a 90-day, $ 30 000 note bearing 12 % annual
interest along with paying $ 7 500 in cash
On August 13 paid the amount due on the note to Cheny at maturity.
On September 1 borrowed $ 55 000 cash from U.O Bank by signing an 8 %, 60-day interest-bearing
noe
On October 31 paid the amount due on the note to U.O Banks at maturity

Exercise 21 Do records of these transactions: On April 20, purchased $ 37 500 of merchandise on credit from Cheny, term are 1/10, n/30. On May 15 replaced the account payable to Cheny with a 90-day, $ 30 000 note bearing 12 % annual interest along with paying $ 7 500 in cash On August 13 paid the amount due on the note to Cheny at maturity. On September I borrowed $ 55 000 cash from U.O Bank by signing an 8 %, 60-day interest-bearing note On October 31 paid the amount due on the note to U.O Banks at maturity

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock 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

Students Have Also Explored These Related Accounting Questions!