Unit 4 Assignment Question 10a.b.c.d

Q

a

b

c&d

Question 10 of 12 -14 View Policies Current Attempt in Progress These are selected transactions of Vaughn Company. Vaughn prepares financial statements quarterly, Jan. 2 Feb. 1 Mar. 31 Apr. 1 Purchased merchandise on account from Nunez Company, $27,000, terms 2/10, r/30. Vaughn uses the perpetual inventory system) Issued a 9%, 2-month $27.000 note to Nunez in payment of account Accrued interest for 2 months on Nunez note Pald face value and interest on Nunez note Purchased equipment from Marson Equipment paying $11.500 in cash and signing a 10%, 3-month, $57,600 note. Accrued interest for 3 months on Marson note Pald face value and interest on Marson note Borrowed $33,600 from the Paola Bank by issuing a 3-month, 8% nate with a face value of $33,600. Recognized interest expense for 1 month on Paola Bank note. July 1 Sept 30 Oct. 1 Dec 1 Dec 31 Prepare journal entries for the listed transactions and events. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem Date Account Titles and Explanation Debit Credit (b) 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 eTextbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit Answer Show the balance sheet presentation of notes and interest payable at December 31 Vaughn Company Balance Sheet (Partial) $ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit Answer d) What is total interest expense for the year? Total interest S eTextbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit