Reference no: EM132203711
Alpha Co, prepares quarterly adjusting entries & has a fiscal year end of December 31. The following events occurred in FY 2017:
Oct 1: accepted from Bravo a $9,000, four months 9% note in lieu of an existing $9,000 accounts receivable
November 1: purchase from Zulu CO. equipment for $42,000 and signed a Note Payable due in nine months for $43,035
Use this information to prepare the General Journal entries (compound entries where needed and without explanation) for the Following:
Fiscal Year 2017:
a. October 1, Transaction
b. November 1, Transaction
c. December 31, end of the fiscal year adjusting entries
Fiscal Year 2018:
d. February 1, receipt of payment on October 1 Note
e. March 31, adjusting entries
f. June 30, adjusting entries
g. August 1, payment of November 1, Note