The following are selected 2025 transactions of Whispering Corporation. Sept. 1 Oct. 1 Oct. 1 (a) Purchased inventory from Encino Company on account for $39,000. Whispering records purchases gross and uses a periodic inventory system. Issued a $39,000, 12-month, 8% note to Encino in payment of account. Borrowed $39,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $42,120 note. Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
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- Use the same information in RE9-1 except that the note is not interest bearing. Assume that the note is discounted at a 15% rate. RE9-1 Rescue Sequences LLC purchased inventory by issuing a 30,000, 10%, 60-day note on October 1. Prepare the journal entries for Rescue Sequences to record the purchase and payment assuming it uses a perpetual inventory system and a 360-day calendar fiscal year. Rescue Sequences LLC uses a perpetual inventory system.The following are selected 2023 transactions of Whispering Winds Corporation. Purchased inventory from Flint Ltd. on account for $42,800. Whispering Winds uses a periodic inventory system. Issued a $42,800, 12-month, 8% note to Flint in payment of Whispering Winds's account. Borrowed $75,300 from the bank by signing a 12-month, non-interest-bearing $80,300 note. Prepare the journal entries for the payment of the notes at maturity, assuming the Whispering Winds uses reversing entries. (Show the reversing entries at January 1, 2024.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Sept. 1 Oct. 1 1 Date Oct. 1 v Oct. 1 Oct. 1 Jan, 1 Oct. 1 V Account Titles and Explanation Flint Note Purchases Accounts Payable Cash Interest Expense Notes…Required information [The following information applies to the questions displayed below.] Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31. Jan.15 Purchased and paid for merchandise. The invoice amount was $26,500; assume a perpetual inventory system. Apr. 1 Borrowed $700,000 from Summit Bank for general use; signed a 10-month, 6% annual interest- bearing note for the money. June14 Received a $15,000 customer deposit for services to be performed in the future. July15 Performed $3,750 of the services paid for on June 14. Dec.12 Received electric bill for $27,860. Vigeland plans to pay the bill in early January. 31 Determined wages of $15,000 were earned but not yet paid on December 31 (disregard payroll taxes). 2. Prepare the adjusting entries required on December 31. (If no entry is required for a transaction/event, select journal entry required" in the first account field.) View transaction list Journal entry worksheet…
- Sept. 1 Oct. 1 Oct. 1 (a) Purchased inventory from Encino Company on account for $46,800. Crane records purchases gross and uses a periodic inventory system. Issued a $46,800, 12-month, 8% note to Encino in payment of account. Borrowed $46,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $49,920 note. Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement.) Date October 1 Account Titles and Explanation Debit T CreditThe following are selected 2025 transactions of Whispering Corporation. Sept. 1 Oct. 1 Oct. 1 (a) ✓ (b) Purchased inventory from Encino Company on account for $39,000. Whispering records purchases gross and uses a periodic inventory system. Issued a $39,000, 12-month, 8% note to Encino in payment of account. Borrowed $39,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $42,120 note. Your answer is correct. Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement. List all debit entries before credit entries.) > Account Titles and Explanation purchases accounts payable Accounts Payable December 31 Notes Payable cash Discount on Notes Payable notes payable eTextbook and Media List of Accounts Date Account Titles…Required information [The following information applies to the questions displayed below.] Roger Company completed the following transactions during Year 1. Roger's fiscal year ends on December 31. Jan. 8 Purchased merchandise for resale on account. The invoice amount was $14,810; assume a perpetual inventory system. 17 Paid January 8 invoice. Apr. 1 Borrowed $72,000 from National Bank for general use; signed a 12-month, 7% annual interest-bearing note for the money. June 3 Purchased merchandise for resale on account. The invoice amount was $17,320. July 5 Paid June 3 invoice. Aug. 1 Rented office space in one of Roger's buildings to another company and collected six months' rent in advance amounting to $27,000. Dec.20 Received a $220 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. 31 Determined wages of $9,800 were earned but not yet paid on December 31 (disregard payroll taxes). 3. Show how all of the liabilities arising from these transactions are…
- The following are selected 2019 transactions of Kelly Company a. October 1: Purchased inventory from Sid Corporation on account $100,000. Kelly records purchases gross and uses a periodic system. b. November 1: Issued a $60,000 6-month 10% note to Sid in payment of account. c. November 1: Borrowed $80,000 from FB Bank by signing a 15 month, zero interest bearing $110,000 note. Required: 1. Prepare the journal entries for the transactions above. 2. Prepare the adjusting entries as at December 2019Account payable OMR 200; Bank loan OMR 1,200; Warranty liability of OMR 500; Creditors OMR 100 and Unearned revenue OMR 200. Calculate the value of record liabilities: Inventory count of a company Alpha is 24,000 units. This inventory includes goods held on consignment of company Beta costing OMR 8,000. Company Alpha did not include the cost of OMR 1,400 for the goods sold which are still in transit (FOB shipping point). Calculate the cost of inventory: ull lis isI O 直 0 TOSHIBAZing Cell Phone Company entered into the following transactions involving current liabilities during 2023 and 2024: 2023 Mar. 14 Purchased merchandise on credit from Ferris Inc. for $138,000. The terms were 1/10, n/30 (assume a perpetual inventory system). Apr. 14 Zing paid $24,000 cash and replaced the $114,000 remaining balance of the account payable to Ferris Inc. with a 5%, 60-day note payable. 21 Borrowed $124,000 from Scotiabank by signing a 4.5%, 90-day note. ? Paid the note to Ferris Inc. at maturity. ? Paid the note to Scotiabank at maturity. Dec. 15 Borrowed $99,000 and signed a 5.25%, 120-day note with National Bank. Recorded an adjusting entry for the accrual of interest on the note to National Bank. May Dec. 31 2024 ? Paid the note to National Bank at maturity. Required: 1. Determine the maturity dates of the three notes just described. Maturity date Ferris Inc. Scotiabank National Bank
- The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. Apr. Jun. Jul. Aug. Dec. 1 Purchased merchandise on account from Kirkwood Co., $396,000, terms n/30. 31 Issued a 30-day, 4% note for $396,000 to Kirkwood Co., on account. 30 Paid Kirkwood Co. the amount owed on the note of March 31. 1 Borrowed $174,000 from Triple Creek Bank, issuing a 45-day, 4% note. 1 Purchased tools by issuing a $258,000, 60-day note to Poulin Co., which discounted the note at the rate of 7%. 16 15 30 1 22 31 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 6.5% note for $174,000. (Journalize both the debit and credit to the notes payable account.) Paid Triple Creek Bank the amount due on the note of July 16. Paid Poulin Co. the amount due on the note of July 1. Purchased equipment from Greenwood Co. for $400,000, paying $114,000 cash and issuing a series of ten 4% notes for $28,600 each,…Required Information [The following information applies to the questions displayed below.] Wiset Company completes these transactions during April of the current year (the terms of all Its credit sales are 2/10. n/30). Apr. 2 Purchased $14,480 of nerchandise on credit fron Noth Company, terms 2/18, n/60. 3 (a) Sold nerchandise on credit to Page Alistair, Invoice No. 768, for $4,100 (cost is $2,700). 3 (b) Purchased $1,540 of office supplies on credit from Custer, Inc. terns n/30. 4 Issued Check No. 587 to World View for advertising expense of $913. Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $9,500 (cost is $6,70e). Returned $95 of office supplies purchased on April 3 to Custer, Inc. Wiset reduces accounts payable by that amount. 5 6 9 Purchased $10,465 of store equipment on credit from Hal's Supply, terms n/30. Sold nerchandise on credit to Nic Nelson, Invoice No. 762, for $13,200 (cost is $6,9e0). Issued Check No. 588 to Noth Company in paynent of its April 2…Roger Company completed the following transactions during Year 1. Roger’s fiscal year ends on December 31. Jan. 8 Purchased merchandise for resale on account. The invoice amount was $14,780; assume a perpetual inventory system. 17 Paid January 8 invoice. Apr. 1 Borrowed $54,000 from National Bank for general use; signed a 12-month, 10% annual interest-bearing note for the money. June 3 Purchased merchandise for resale on account. The invoice amount was $17,420. July 5 Paid June 3 invoice. Aug. 1 Rented office space in one of Roger’s buildings to another company and collected six months’ rent in advance amounting to $6,000. Dec. 20 Received a $180 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. 31 Determined wages of $9,200 were earned but not yet paid on December 31 (disregard payroll taxes). Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31.…