nson Co. produces and distributes semiconductors for use by computer ufacturers. Thomson Co. issued $240,000 of 10-year, 9% bonds on May 1 e current year at face value, with interest payable on May 1 and November e fiscal year of the company is the calendar year. nalize the entries to record the following selected transactions for the current Refer to the Chart of Accounts for exact wording of account titles. May Nov. Dec. 1 1 31 Issued the bonds for cash at their face amount. Paid the interest on the bonds. Recorded accrued interest for two months. 1 2 3 4 5 6 7 DATE DESCRIPTION Adjusting Entries JOURNAL POST. REF

A business issued a 30-day, 7% note for $33,600 to a creditor on account. The company uses a 360-day year for interest calculations.   Required:   Journalize the entries to record (a) the issuance of the note on April 30 and (b) the payment of the note at maturity, including interest. Refer to the Chart of Accounts for exact wording of account titles.     Chart Of Accounts     CHART OF ACCOUNTS   General Ledger   ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Merchandise Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment   LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees Federal Income Tax Payable 219 Employees State Income…

Lundquist Company received a 60-day, 4% note for $46,000, dated July 23, from a customer on account.   Required:   a. Determine the due date of the note.   b. Determine the maturity value of the note. Assume 360 days in a year.   c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles.