IDENTIFICATION OF ADJUSTING ENTRIES Singleton, Inc., had the following transactions during the year. a. Merchandise was sold to customers on credit. b. Purchased equipment to be used in the operation of its business. c. A two-year insurance contract was purchased. d. Received cash for services to be performed over the next year. e. Paid monthly employee salaries. f. Borrowed money from First Bank by signing a note payable due in five years.

Record these transactions in general journal ledger: Dec 1: Purchased equipment costing $15,608 by taking out a 4-month installment note with First Bank. Dec 4: Accepted a sales return from Eastern for an item having an original gross sales price of $6,000. The original sale to Eastern occurred in November with terms 2/15, n/30. Dec 5: Specifically wrote off the receivable balance owed by Baker as uncollectible. Dec 7: Returned defective inventory with a gross cost of $4,000 back to Hunt Corp. Dec 14: Wilson returned an item originally purchased on Dec 12 with a gross sales price of $7,000. Dec 14: Returned inventory with a gross cost of $2,000 back to Nelson Industries. Dec 18: Bought office supplies on account for $9,000 from Staples Inc. (open a new Accounts Payable in the subsidiary ledger--Vendor # 210-30). Invoice # is OM1218.  Staples Inc.’s terms are n/30 Dec 19:  Received the December utilities bill for the amount of $15,000.  The bill will be paid in January of next year.…

On July 8, Jones Inc. issued an $76,900, 10%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends on July 31. Using the 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year? Round your answer to the nearest whole dollar. a.$1,068 b.$1,282 c.$491 d.$641

journalize the following entries on the books of the borrower.  Assume a 360-day year.   January 1 Aggie Co. purchased merchandise on account from Low Co. for $40,000. January 30 Aggie Co. issued a 60-day, 6% note for $40,000 March 29 Aggie Co. paid the amount due at maturity Date Account Title Debit Credit Jan 1                       Jan 30                       March 29

Wisconsin Bank lends Local Furniture Company​ $80,000 on November 1. Local Furniture Company signs a​ $80,000, 6%, 4 - month note. The fiscal year end of Local Furniture Company is December 31. The journal entry made by Local Furniture Company on December 31​ is: A. debit Interest Expense and credit Cash for​ $800   B. debit Interest Payable and credit Interest Expense for​ $800   C. debit Interest Expense and credit Interest Payable for​ $800   D. debit Interest Payable and credit Cash for​ $800 thanks for help apapreciated