November 1 borrowed 20000 at 6 interest for 5 years with

Assignment Help Accounting Basics

Reference no: EM13600142

February 1 Paid $3,750 accounts payable balance due to a supplier.March 15 Received $2,500 partial payment on a $5,000 accounts receivable balance. Wrote off the rest of the account as uncollectible.April 1 Purchased on account $53,700 merchandise for resale, with 2/10, n/30 terms.
April 5 Paid the invoice for April 1 purchase.October 10 Sold merchandise for cash of $28,000. Cost of the merchandise sold was $12,200.

November 1 Borrowed $20,000 at 6% interest for 5 years with annual payments of principal and interest on October 31. Used the loan proceeds to purchase a $20,000 delivery truck.December 5 Sold merchandise on account for $91,500. Cost of the merchandise sold was $40,500. Payment terms on the invoice were 1/10, n/30.

December 7 Of the merchandise sold on December 5, $2,000 was returned. Cost of the merchandise was $1,100.

INSTRUCTIONS: Journalize the appropriate entries for the above transactions. The company uses a perpetual inventory system.

Reference no: EM13600142

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