Problem 11-02A a-d The following are selected transactions of Concord Company. Concord prepares financial statements quarterly....

    

Transcribed Image Text:

Problem 11-02A a-d The following are selected transactions of Concord Company. Concord prepares financial statements quarterly. Jan. 2 Purchased merchandise on account from Nunez Company, $34,000, terms 2/10, n/30. (Concord uses the perpetual inventory system.) Issued a 9%, 2-month, $34,000 note to Nunez in payment of account. 1 Feb. Mar. 31 Apr. 1 Accrued interest for 2 months on Nunez note. Paid face value and interest on Nunez note. July 1 Purchased equipment from Marson Equipment paying $10,500 in cash and signing a 10%, 3-month, $72,000 note. Accrued interest for 3 months on Marson note. Sept. 30 Oct. 1 Paid face value and interest on Marson note. Dec. 1 Borrowed $24,000 from the Paola Bank by issuing a 3-month, 8% note with a face value of $24,000. Dec. 31 Recognized interest expense for 1 month on Paola Bank note. Prepare journal entries for the listed transactions and events. (Credit account titles are automatically indented when amount is entered. Do not in Date Account Titles and Explanation Credit Debit Post to the accounts Notes Payable, Interest Payable, and Interest Expense. (Post entries in the order of journal entries presented in the previous part.) Notes Payable Interest Payable Interest Expense SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Show the balance sheet presentation of notes and interest payable at December 31. Concord Company Balance Sheet (Partial) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT $ $ Post to the accounts Notes Payable, Interest Payable, and Interest Expense. (Post entries in the order of journal entries presented in the previous part.) Notes Payable Interest Payable Interest Expense SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Show the balance sheet presentation of notes and interest payable at December 31. Concord Company Balance Sheet (Partial) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT $ $ What is total interest expense for the year? Total interest $ Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS Problem 11-02A a-d The following are selected transactions of Concord Company. Concord prepares financial statements quarterly. Jan. 2 Purchased merchandise on account from Nunez Company, $34,000, terms 2/10, n/30. (Concord uses the perpetual inventory system.) Issued a 9%, 2-month, $34,000 note to Nunez in payment of account. 1 Feb. Mar. 31 Apr. 1 Accrued interest for 2 months on Nunez note. Paid face value and interest on Nunez note. July 1 Purchased equipment from Marson Equipment paying $10,500 in cash and signing a 10%, 3-month, $72,000 note. Accrued interest for 3 months on Marson note. Sept. 30 Oct. 1 Paid face value and interest on Marson note. Dec. 1 Borrowed $24,000 from the Paola Bank by issuing a 3-month, 8% note with a face value of $24,000. Dec. 31 Recognized interest expense for 1 month on Paola Bank note. Prepare journal entries for the listed transactions and events. (Credit account titles are automatically indented when amount is entered. Do not in Date Account Titles and Explanation Credit Debit Post to the accounts Notes Payable, Interest Payable, and Interest Expense. (Post entries in the order of journal entries presented in the previous part.) Notes Payable Interest Payable Interest Expense SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Show the balance sheet presentation of notes and interest payable at December 31. Concord Company Balance Sheet (Partial) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT $ $ Post to the accounts Notes Payable, Interest Payable, and Interest Expense. (Post entries in the order of journal entries presented in the previous part.) Notes Payable Interest Payable Interest Expense SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Show the balance sheet presentation of notes and interest payable at December 31. Concord Company Balance Sheet (Partial) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT $ $ What is total interest expense for the year? Total interest $ Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS

Answer rating: 100% (QA)

A Journal Entries Date 2Jan 1Feb 1Apr Account titles Explanations 1Jul Merchandise inventor... View the full answer