Please create journal entries for the following transactions (unless not applicable):

1. Collections on A/R = 275,320

2. Payments on A/P = 176,500 - all accounts payable deal with inventory

3. All service agreements sold to customers in 2020 completed in 2021. New service agreements sold for $2460 in cash during 2021 - 40 percent of the services provided during 2021

4. Bond terms - interest only for 6.5% paid annually on September 1. Firm agreement with a bank signed on December 15 to refinance bond to a 5 year note in 2022 Note Payable - 4 payments of $3,300 made March 30, June 30, Sept 30 and December 31 interest of 8% per year (2% per quarter).Each note payment pays the interest since the last payment with any remaining amount going toward principle

5. Fair value of remaining AFS Debt Securities $1,400

Answer rating: 100% (QA)

Accounts Receivable 275320 2 Cash 275320 3 ... View the full answer