Solution-Make journal entries for issuing of the bills

Make journal entries for issuing of the bills

Assignment Help Managerial Accounting

Reference no: EM132482736

Accounting of bills payable

Point 1: Red River Ltd previously purchased inventory from Blue Ocean Ltd on credit for $5,000. On 1 August, Red River was unable to pay the due amount and Blue Ocean agreed to accept a 90-day, 12% bill to cover account payable.

Required:

Question 1: Make journal entries for

(a) issuing of the bills;

(b) paying off the debt at maturity.

Reference no: EM132482736

Questions Cloud

Determine what would the equity section : In its first year, its income showed a deficit of $7900. Determine What would the equity section of its balance sheet show at year end?

Record journal entry required : Purchase Retail made cash sales during the month on October 13, 2017 of $123,600. Record journal entry required

Discussion about the different types of assessments : Create a resource guide that could be used to educate teachers about the different types of assessments that will be utilized when evaluating a student for.

Managing a consulting company catering to foreign clients : You are managing a consulting company catering to foreign clients, and you expect to be paid 150,000 Canadian dollars by a Canadian client

Make journal entries for issuing of the bills : Make journal entries for issuing of the bills, paying off the debt at maturity. Red River Ltd previously purchased inventory from Blue Ocean Ltd

Unemployment levels in the economy : Is economic growth impacted by prevailing employment/unemployment levels in the economy? Explain.

Define importance of multiple texts to meet specific needs : Create a digital brochure to be introduced at curriculum night to promote literacy in the home as well as a resource for families and the community to inform.

Different theoretical views on national debt : What are some of the different theoretical views on national debt?

Determine and post the account entries of each transaction : Please post the account entries of each transaction How transaction 3 is different from transaction 4,Part of your job responsibilities as a finance manager is

User Account

All Pages

Make journal entries for issuing of the bills

Reference no: EM132482736

Reference no: EM132482736

Questions Cloud

Reviews

Write a Review

Managerial Accounting Questions & Answers

Manage budgets and financial plans

Prepare a retained earnings statement

Prepare a master budget for the three-month period

Construct the companys direct labor budget

Evaluate the predetermined overhead rate

Determine the company''s bid

Compute the pool rates for the different activities

Prepare Company financial statements

Prepare an analysis of terracycles

Discuss the ethical issues

Political resources in emerging markets

Management accounting - ehsan electronics company

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT