Question 1: Basra Company has the following transactions: 1- On 1/4/2009 purchased goods for ID 80000 on account from Ishtar Co. and Basra Company records purchase and uses a periodic system. 2- On 1/7/2009 issued a ID 80000 at 12-months, %10 note payable to shtar Company in payment of account. 3- On 1/10/2009 the company porrowed ID 88000 from the international Bank for 12 months and interest ID 8000 which paid in advance. Required: Record the journal entries in the both of, Basra Company and international bank

B. Record the entry for acceptance of promissory note in exchange of accounts receivable from McCormick Industries. C. Record the entry for interest accrued on promissory note received from McCormick Industries. D. Record the entry for interest received , from McCormick Industries , on the note's maturity date. E. Record the entry for payment received from McCormick Industries the principal on the note's maturity date.

The following data were selected from the records of Fluwars Company for the year ended December 31, current year:   Balances at January 1, current year:     Accounts receivable (various customers) $ 116,000 Allowance for doubtful accounts   12,700     The company sold merchandise for cash and on open account with credit terms 1/10, n/30, without a right of return.   The following transactions occurred during the current year: Sold merchandise for cash, $258,000. Sold merchandise to Abbey Corp; invoice amount, $42,000. Sold merchandise to Brown Company; invoice amount, $53,600. Abbey paid the invoice in (b) within the discount period. Sold merchandise to Cavendish Inc.; invoice amount, $56,000. Collected $119,100 cash from customers for credit sales made during the year, all within the discount periods. Brown paid its account in full within the discount period. Sold merchandise to Decca Corporation; invoice amount, $48,400. Cavendish paid its account in full after the…

Record the following transactions on the books of Cheyenne Corp. (a)   On July 1, Cheyenne Corp. sold merchandise on account to Waegelein Inc. for $17,400, terms 2/10, n/30. (b)   On July 8, Waegelein Inc. returned merchandise worth $4,800 to Cheyenne Corp.. (c)   On July 11, Waegelein Inc. paid for the merchandise.

Record the following transactions on the books of Pharoah Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) a. b. C. a. b. С. On July 1, Pharoah Co. sold merchandise on account to Waegelein Inc. for $16,600, terms 4/10, n/30. On July 8, Waegelein Inc. returned merchandise with a sales price of $5,300 to Pharoah Co. On July 11, Waegelein Inc. paid the balance due. Account Titles and Explanation Debit Credit