Reference no: EM132612665
The following transactions of South Carleton Cement Company occurred during 2016 and 2017:
2016
Feb 12 Purchased a large shipment of inventory for $50,000, signing a 5-month, 4% note
May 31 Borrowed $75,000 on an 8% note payable that calls for annual instalments of $25,000 principal plus interest. Record the short-term note payable in a separate account from the long-term note payable
July 12 Paid the 5-month, 4% note at maturity
Dec 31 Accrued warranty expense, which is estimated at 1% of sales of $820,000
Dec 31 Accrued interest on the outstanding note payable
2017
May 31 Paid the first instalment plus interest for one year on the outstanding note payable
Required:
Question 1: Prepare journal entries to record the transactions for South Carleton Cement Company.
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: Prepare journal entries to record the transactions for South Carleton Cement Company. Accrued interest on the outstanding note payable
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