selected transactions (in BDT) occurred in the books of Shoilee and Company: Jan. 05 Sold 800 units of a new product on credit at Tk. 60 per unit, plus 5% sales tax. This new product is subject to a l-year warranty. Jan. 12 Sold goods for cash totaling Tk. 15,750, which includes 5% sales tax. Jan. 21 Borrowed Tk. 35,000 from City bank on a 3-month, 8%, Tk. 35,000 note.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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During January, the following
selected transactions (in BDT)
occurred in the books of Shoilee
and Company:
Jan. 05
new product on credit at Tk. 60 per
unit, plus 5% sales tax. This new
product is subject to a l-year
Sold 800 units of a
warranty.
Jan. 12
Sold goods for cash
totaling Tk. 15,750,
which includes
5% sales tax.
Jan. 21
Borrowed Tk. 35,000
from City bank on a 3-month, 8%, Tk.
35,000 note.
Required:
a) Journalize the January
transactions.
b) Find out the maturity date of
the note.
c) Prepare a journal to settle the
payment of the note on the
maturity date assuming that
accounting period ends on 31
December each year.
Transcribed Image Text:During January, the following selected transactions (in BDT) occurred in the books of Shoilee and Company: Jan. 05 new product on credit at Tk. 60 per unit, plus 5% sales tax. This new product is subject to a l-year Sold 800 units of a warranty. Jan. 12 Sold goods for cash totaling Tk. 15,750, which includes 5% sales tax. Jan. 21 Borrowed Tk. 35,000 from City bank on a 3-month, 8%, Tk. 35,000 note. Required: a) Journalize the January transactions. b) Find out the maturity date of the note. c) Prepare a journal to settle the payment of the note on the maturity date assuming that accounting period ends on 31 December each year.
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