The following are selected transactions of Blue Spruce Corp.. Blue Spruce prepar
ID: 2581358 • Letter: T
Question
The following are selected transactions of Blue Spruce Corp.. Blue Spruce prepares financial statements quarterly
There are many more journal entries (they're needed for all the entires, not just the small section shown in the screen shot)
35% C) Mon 7:11 PM x , e chegg Study : Guided Chrome File Edit View History Bookmarks People Window Help N Netflix -Jane The Virgin Video x WileyPLUS Rachel Draitzelxx's Xbox cl X Files Secure l https://edugenwileyplus.com/edugen/student/mainfr.un. WileyPLUS Weygandt, Financial Accounting, 10e FINANCIAL ACCT. (ACCT298) Home Read, Study & Practice Gradebook ORION Downloadable eTextbook Assignment>Open Assignment CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT ASSIGNMENT RESOURCES Jan. 2 Purchased merchandise on account from Nunez Company, $24,000, terms 3/10, n/30. (Blue Spruce uses the perpetual inventory system.) Feb. 1 Issued a 9%, 2-month, $24,000 note to Nunez in payment of account. Mar. 31 Accrued interest for 2 months on Nunez note. Apr. Paid face value and interest on Nunez note July 1 Purchased equipment from Marson Equipment paying $13,000 in cash and signing a 10%, 3-month, $48,000 note. Sept. 30 Accrued interest for 3 months on Marson note. Oct. 1 Paid face value and interest on Marson note Dec. 1 Borrowed $24,000 from the Paola Bank by issuing a 3-month, 896 note with a face value of $24,000 Dec. 31 Recognized interest expense for 1 month on Paola Bank note E10-8P10-2AiBE11-4 || BE11-5 Problem 10-2 Review Score Obiective Prepare journal entries for the listed transactions and events. (Credit account titles are automatically indented when amount is entered. Do not indent manually Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit CreditExplanation / Answer
Date Account titles and Explanation Debit Credit 2-Jan Merchandise inventory 24,000 Accounts payable 24,000 1-Feb Accounts payable 24,000 9% notes payable 24,000 31-Mar interest expense 360 interest payable 360 (24000*9%*2/12) 1-Apr Notes payable 24,000 interest payable 360 cash 24,360 1-Jul Equipment 61,000 Cash 13,000 10% notes payable 48,000 30-Sep interest expense 1200 interest payable 1,200 (48000*10%*3/12) 1-Oct Notes payable 48,000 interest payable 1,200 cash 49,200 1-Dec Cash 24,000 8% notes payable 24,000 31-Dec interest expense 160 interest payable (24000*8%*1/12) 160 Notes payable 1-Apr 24,000 1-Feb 24,000 1-Oct 48,000 1-Jul 48,000 1-Dec 24,000 EB 24,000 interest payable 1-Apr 360 31-Mar 360 1-Oct 1,200 30-Sep 1,200 31-Dec 160 EB 160 Interest expense 31-Mar 360 30-Sep 1,200 31-Dec 160 EB 1720 Balance sheet (partial) current liabilities 8% notes payable 24,000 interest payable 160 24,160 total interest 1,720
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