html$?$launchld$=07$ceaa$25-133$c$-4548-92$a$9-$ed$8$c$05$dd$375$f#$/$question$/2$

Question $3$ of $29$

$\frac{-}{15}$

View Policies

Current Attempt in Progress

During April $2024,$ Indigo Company incurred the following transactions. This is Indigo's first period of operations, and they plan to use the periodic method of accounting for inventory. Indigo reports under ASPE.

Apr. $1$ Purchased a new automobile for $$42,000$; the automobile was paid for with a two$-$year $5\%$ note payable. Interest is due monthly on the $1$ st day of each month and the principal is due as follows: $50\%$ due in $1$ year, the remainder due in $2$ years.

$5$ Sold merchandise to Customer A on account for $$85,000$ plus $13\%$ HST$,$ terms n$/30.$

$6$ Customer A returns one$-$half of the merchandise purchased on April $5$ and receives a credit on account.

$13$ Customer A paid their account in full.

$25$ Sold merchandise to Customer B for $$112,900$ plus $13\%$ HST$,$ terms n$/30.$

$28$ Received $$23,000$ from Customer C for services to be provided in May.

$30$ Recorded any adjusting entries required related to April transactions.

In addition to liabilities arising from the above transactions, Indigo's Accounts Payable balance at April $30,2024,$ is $$75,000.$

Record 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 occount tittes and enter ofor the amounts. List all debit entries befone credit entries. Round answers to $0$ decimal places, e$\mathrm{.}9\mathrm{.}5,275.$ Record journal entries in the order presented in the problem.

Accounts Receivable

r$.30$

Interest Expense

Interest Payable

Prepare the current liabilities portion of Indigo's balance sheet at April $30,2024.($Round answers to O decimal plo

$\backslash$table$[[,$INDIGO$],[$Balance S$,]]$