I\'m needing ALL parts of this question answered please! Problem 10-2 Regis Co.
ID: 2484155 • Letter: I
Question
I'm needing ALL parts of this question answered please!
Problem 10-2
Regis Co. (Borrower). For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".
June 1
June 30
Aug. 29
Winthrop Co. (Creditor). For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".
June 1
June 30
Aug. 29
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Regis Co. (Borrower). For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".
June 1
June 30
Aug. 29
Explanation / Answer
In the books of Regis Co. Jun-01 Purchase A/C dr. 60,000 To Winthrop Co. 60,000 Jun-30 Winthrop Co. A/C 60,000 To Notes Payable A/C 60,000 Aug-29 Notes payable A/C dr. 60000 Interest A/C dr. 500 To Cash A/C 60500 In the books of Winthrop Co. Jun-01 Regis Co. A/c Dr. 60,000 To Sales A/C 60,000 Jun-30 Notes Receivable A/C dr. 60,000 To Regis Co. A/C 60,000 Aug-29 Cash A/C dr. 60500 To Notes Receivable A/C 60000 To Interest A/C 500
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