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Described certain transactions of Marigold Corporation

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Question - Described below are certain transactions of Marigold Corporation. The company uses the periodic inventory system.

1. On February 2, the corporation purchased goods from Martin Company for $65,600 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26.

2. On April 1, the corporation bought a truck for $53,000 from General Motors Company, paying $4,000 in cash and signing a one-year, 10% note for the balance of the purchase price.

3. On May 1, the corporation borrowed $79,400 from Chicago National Bank by signing a $88,040 zero-interest-bearing note due one year from May 1.

4. On August 1, the board of directors declared a $324,800 cash dividend that was payable on September 10 to stockholders of record on August 31.

Required - Make all the journal entries necessary to record the transactions above using appropriate dates.

Reference no: EM132477843

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