179. Journalize the following entries on the books of Winston Co. for November 1, December 1, December 31, and March 1. (Assume a 360-day year is used for interest calculations.)
Nov. 1
Winston Co. purchased merchandise for $60,000 on account from Bagley Co., terms n/30.
Dec. 1
Winston Co. issued a 90-day, 5% note for $60,000 on account.
31
Accrued interest on the note.
Mar. 1
Winston Co. paid the amount due.
180. On June 30, Elite Co. bought equipment for $260,000, paying $50,000 cash and issuing a 5% note for the balance. The note is to be paid in five semiannual installments of $42,000 on the principal, with interest accruing from the date of the preceding payment. Journalize the entry to record (a) the transaction on June 30, (b) the payment of the first installment on December 31, and (c) the payment of the second installment the following June 30.
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