Question: U-Construct It Warehouse issues a 30-day, 5% note for $700,000 to Thornton Home Furnishings Co. for inventory. a. Journalize U-Construct It Warehouse's entries to record:

U-Construct It Warehouse issues a 30-day, 5% note for $700,000 to Thornton Home Furnishings Co. for inventory.
a. Journalize U-Construct It Warehouse's entries to record:
1. The issuance of the note.
2. The payment of the note at maturity.
b. Journalize Thornton Home Furnishings Co.'s entries to record:
1. The receipt of the note.
2. The receipt of the payment of the note at maturity.

Step by Step Solution

★★★★★

3.40 Rating (162 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

a 1 Inventory 70000000 Notes Payable 70000000 2 Notes Payable 70000000 Interest Expense 28767... View full answer

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

Document Format (1 attachment)

Word file Icon

529-B-A-L (6008).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Q:

The following selected transactions occurred at Quayle Gardens during the year; sales taxes apply. Quayle Gardens uses the perpetual method to record inventory. Jan. 10. Purchased Evergrow lights for...

Q:

Johnsons Supplies pays its employees weekly. Information for the week ended July 24, 2015, is given below. Instructions 1. Determine the deductions for CPP, EI, and provincial and federal income...

Q:

Using the data for Escape Travel Service shown in Practice Exercise 1-3, prepare a statement of owners equity for the current year ended December 31, 2015. The capital of the owner, Nancy Coleman,...

Q:

U-Build It Warehouse issues a 45-day note for $800,000 to Thomson Home Furnishings Co. for merchandise inventory. Thomson Home Furnishings Co. discounts the note at 7%. For a compound transaction, if...

Q:

U-Build It Warehouse issues a 45-day note for $800,000 to Thomson Home Furnishings Co. for merchandise inventory. Thomson Home Furnishings Co. discounts the note at 7%. For a compound transaction, if...

Q:

U-Build It Warehouse issues a 45-day note for $800,000 to Thomson Home Furnishings Co. for merchandise inventory. Thomson Home Furnishings Co. discounts the note at 7%. For a compound transaction, if...

Q:

1. Entries for Discounting Notes Payable Ramsey Company issues an $372,000, 30-day note to Buckner Company for merchandise inventory. Buckner discounts the note at 7%. Assume a 360-day year. For a...

Q:

H 2 Instructions: 3 You are the controller at Star Wars, Inc., a wholesale distributor of light sabers and other interstellar weaponry. The corporation 4 was founded in galaxy far, far away a long...

Q:

1. Will banks loan Home Depot an additional $75 million? ( it appears that Home Depot will need approximately $75 million to finance its 1986 expansion plans. As of the beginning of fiscal 1986,...

Q:

Paste K14 Narrative and Instructions 1 3 Rockford Corporation is a wholesale plumbing supply distributor. The corporation was organized 4 in 1981, under the laws of the State of Illinois, with an...

Q:

The values for three alternatives considered against four criteria are given in Table P14-5 (with higher numbers being better). Show what you can conclude, using the following methods: a. Satisficing...

Q:

How is revenue recognized for retail land sales?

Q:

Select the answer that best completes the following statement: The measure of employee attitude toward objectives which is most relevant in participative budgeting is the level of (a) absorption; (b)...

Q:

A law that restricts most vendors from doing business in a heavily trafficked area might be upheld under constitutional provisions covering equal protection. procedural due process. substantive due...

Q:

The life of a business is divided into specific time periods, usually a year, to measure results of operations for each such time period and to portray financial conditions at the end of each period....

Q:

The life of a business is divided into specific time periods, usually a year, to measure results of operations for each such time period and to portray financial conditions at the end of each period....

Q:

The life of a business is divided into specific time periods, usually a year, to measure results of operations for each such time period and to portray financial conditions at the end of each period....

Q:

What is the current yield for a bond that has a coupon rate of 4.5% paid annually, a par value of $1000, and 20 years to maturity? Investors require a return of 5.9% from the bond. (Round to 100 th...

Q:

1. Suppose an investor decides to construct a portfolio consisting of a risk-free asset that pays 6 percent and a stock index fund that has an expected rate of return of 12 percent and a standard...

Q:

Homework need help (5 Pts) Given the following example what is the starting symbol and terminals? ABBCCCxAxACyByCzBzwAw Starting Symbol: Terminals: (4 Pts) Given the following example what is the...