Prepare journal entries for transactions and events

Assignment Help Accounting Basics

Reference no: EM13141336

The following are selected transactions of Ricks Auto Part. Ricks prepares financial statements semi annually.

Jan 1 Purchased merchandise on account from Autocraft, $15,000, terms 1/5, n/eom.
Feb 1 Issued a 15%, 6 month, $15,000 note to Autocraft in payment of account.
Feb 20 Purchased supplies from Mobil Oil paying $400 in cash and signing a 8%, 2 month, $1,500 note.
Apr 20 Paid face value and interest on Mobil Oil note.
Jun 1 Accrued interest for 6 months Autocraft note.
July 5 Borrowed $30,000 from Bankers Bank by issuing a 4 month, 10% note .
Aug 1 Paid face value and interest on Autocraft note.
Nov 5 Paid face value and interest on Bankers Bank note.

Instructions:

Prepare journal entries for the above transactions and events.

Reference no: EM13141336

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