FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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.
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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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