Current liabilities section

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Reference no: EM13153422

Transactions for Marco company for 2010:

1) On Jan 10 the company purchased goods from mahoney company for 50000 term 2/10,n/30. purchases and account payable are recorded at net amounts. the invoice was paid on jan 18.

2) On june 1 the company purchased equipment for 60000 from 3m company paying 20000 in cash and giving a one year 9% notes for the balance.

3) On sept 30 the company discounted at 10% its 120000 one year zero interest bearing note at state bank.

a) prepare journal entries for each dates.

b) prepare journal entries for Dec 31 2010.

c) which the above transaction should be reflected in the current liabilities section of Marco company's Dec 31-2010

Reference no: EM13153422

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