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Sholpan [36]
3 years ago
6

The following are selected 2017 transactions of Sean Astin Corporation.

Business
1 answer:
Vadim26 [7]3 years ago
8 0

Answer and Explanation:

The Journal entries are shown below:-

A. a. Purchase Dr, $50,000

           To Accounts payable $50,000

(Being purchase of inventory is recorded)

b.Accounts payable Dr, $50,000

            To Notes payable $50,000

(Being issuance of notes is recorded)

c.Cash Dr, $50,000

  Discount on notes payable Dr, $4,000

             To Notes payable $54,000

(Being amount borrowed from bank and issued notes is recorded)

B. a. Interest expenses Dr, $1,000 ($50,000 × 8% × 3 ÷ 12)

            To Interest payable $1,000

(Being interest expenses is recorded)

b. Interest expenses Dr, $1,000 ($4,000 × 3 ÷ 12)

                 To Discount on notes payable $1,000

(Being interest expenses is recorded)

C. The Computation of interest-bearing note and the zero-interest-bearing note is shown below:-

Interest-bearing note = Note payable + Interest payable

= $50,000 + $1,000

= $51,000

Zero-interest-bearing note = Note payable - Discount

= $54,000 - ($4,000 - $1,000)

= $54,000 - $3,000

= $51,000

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The Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) resulted in implementation of risk contracts, which are arrangement
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Marigold Company sells one product. Presented below is information for January for Marigold Company.
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Answer:

Jan 4

Dr Accounts Receivable 632

Cr Sales Revenue 632

Jan 11

Dr Purchases 870

Cr Accounts payable 870

Jan 13

Dr Accounts Receivable 1,035

Cr Sales Revenue 1,035

Jan 20

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Cr Accounts payable 972

Jan 27

Dr Accounts receivable 1,070

Cr Sales Revenue 1,070

Jan. 31

Dr Inventory $660

Dr Cost of Goods Sold $1,702

Cr Purchases $1,842

Cr Inventory $520

Explanation:

Preparation of all the necessary journal entries, including the end-of-month closing entry to record cost of goods sold.

Jan 4

Dr Accounts Receivable 632

Cr Sales Revenue(79*8) 632

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Dr Purchases (145*6) 870

Cr Accounts payable 870

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Jan 13

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Cr Sales Revenue(115*9) 1,035

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Jan 27

Dr Accounts receivable 1,070

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Cr Purchases $1,842

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Cr Inventory $520

(104* $5)

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