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3 years ago

Described below are certain transactions of Sheridan Corporation. The company uses the periodic inventory system.

Business

1 answer:

Vesnalui [34]3 years ago

3 0

Answer and Explanation:

Feb 2

Dr PURCHASES ($69,500 X 98%)$68,110

Cr ACCOUNTS PAYABLE $68,110

Feb 16

Dr ACCOUNTS PAYABLE $68,110

Dr PURCHASE DISCOUNTS LOST $1,390

Cr CASH $69,500

Dec 31

NO ADJUSTMENT NECESSARY

April 1

Dr TRUCKS $50,000

Cr CASH $3,000

Cr NOTES PAYABLE $47,000

Dec 31

Dr INTEREST EXPENSE $4,230

Cr INTEREST PAYABLE $4,230

$47,000 PRINCIPAL X 12% INTEREST X 9/12 MONTHS = $4,230

May 1

Dr CASH 88,300

Dr DISCOUNT ON NOTES PAYABLE $9,840

CrNOTES PAYABLE $98,140

Dec 31

Dr INTEREST EXPENSE $6,560

Cr DISCOUNT ON NOTES PAYABLE $6,560

$9,840 DISCOUNT X 8/12 MONTHS (STRAIGHT-LINE) = $6,560

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