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Prepare the entry to record Flounder credit sales

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Q1. Bramble Company borrowed $34,800 on November 1, 2017, by signing a $34,800, 9%, 3-month note. Prepare Bramble's November 1, 2017, entry; the December 31, 2017, annual adjusting entry; and the February 1, 2018, entry.

Q2. Flounder Corporation made credit sales of $43,800 which are subject to 7% sales tax. The corporation also made cash sales which totaled $18,618 including the 7% sales tax.

Prepare the entry to record Flounder's credit sales.

Prepare the entry to record Flounder's cash sales.

Q3. Teal Inc. is involved in a lawsuit at December 31, 2017.

Prepare the December 31 entry assuming it is probable that Teal will be liable for $815,100 as a result of this suit.

Prepare the December 31 entry, if any, assuming it is not probable that Teal will be liable for any payment as a result of this suit.

Reference no: EM132246563

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