FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781618533111
Author: DYCKMAN
Publisher: Cambridge Business Publishers
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Chapter 3, Problem 52P
a.
To determine
Prepare
b.
To determine
Prepare adjusting entries on January 10, 2019 using financial statement effects template and in the form of journal entry.
c.
To determine
Prepare adjusting entries from part (a) and transactions in part (b) in the form of journal entry.
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Students have asked these similar questions
Prepare the necessary journal entries (include journal entry descriptions) for the selected
transactions of Nester Company whose fiscal year end is December 31, You MUST show the
details of any calculations either in parenthesis or as a footnote.
Date
Transaction Description
7/1/20Y5
Accepted a 5-month, 6% note in settlement of a past due customer account, Barns
Company, with a $9,000 balance.
11/1/20Y5
Accepted a promissory note from a Nester Company executive in exchange for
providing the executive with S20,000 to be used for relocation costs. The note
carries interest of 9% and is due in 8 months.
12/1/20Y5
Received the amount due on the note from Barns Company.
12/31/20Y5 Accrued interest on the 8-month note received from the Nester Company
executive.
7/1/20Y6
Received full payment from the Nester Company executive.
The January 1, Year 1 trial balance for the Wright Company is found on the trial balance tab. The beginning balances are
assumed.
Wright Company entered into the following transactions involving short-term liabilities.
Note: Use 360 days a year.
Year 1
April 20 Purchased $49,250 of merchandise on credit from Walsh, terms n/30.
May 19 Replaced the April 20 account payable to Walsh with a 90-day, 14%, $37,000
note payable along with paying $12,250 in cash.
July 8 Borrowed $99,000 cash from NJR Bank by signing a 120-day, 9%, $99,000 note
payable.
August 17 Paid the amount due on the note to Walsh at the maturity date.
November 5 Paid the amount due on the note to NJR Bank at the maturity date.
November 28 Borrowed $57,000 cash from Fargo Bank by signing a 60-day, 8%, $57,000
note payable.
December 31 Recorded an adjusting entry for accrued interest on the note to Fargo
Bank.
Year 2
January 27 Paid the amount due on the note to Fargo Bank at the maturity date.
General General Trial…
On November 1, 2021, Dual Systems borrows $290,000 to expand operations. Dual Systems signs a six-month, 9% promissory note. Interest is payable at maturity. Dual System's year-end is December 31. 1., 2. & 3. Record the following transactions for the note payable by Dual Systems. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest dollar amount.)
Record the issuance of the note by Dual Systems.
Date
General Journal
Debit
Credit
Nov 01, 2021
Record the appropriate adjusting entry for the note by Dual Systems on December 31, 2021.
Date
General Journal
Debit
Credit
Dec 31, 2021
Record the payment of the note by Dual Systems at maturity on April 30,…
Chapter 3 Solutions
FINANCIAL ACCOUNTING
Ch. 3 - Prob. 1MCCh. 3 - Prob. 2MCCh. 3 - Prob. 3MCCh. 3 - Prob. 4MCCh. 3 - Prob. 5MCCh. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - Prob. 5Q
Ch. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10QCh. 3 - Prob. 11QCh. 3 - Prob. 12QCh. 3 - Prob. 13QCh. 3 - Prob. 14QCh. 3 - Prob. 15QCh. 3 - Prob. 16QCh. 3 - Prob. 17QCh. 3 - Prob. 18QCh. 3 - Prob. 19QCh. 3 - Prob. 20QCh. 3 - Prob. 21MECh. 3 - Prob. 22MECh. 3 - Prob. 23MECh. 3 - Prob. 24MECh. 3 - Prob. 25MECh. 3 - Prob. 26MECh. 3 - Prob. 27MECh. 3 - Prob. 28MECh. 3 - Prob. 29MECh. 3 - Prob. 30MECh. 3 - Prob. 31ECh. 3 - Prob. 32ECh. 3 - Prob. 33ECh. 3 - Prob. 34ECh. 3 - Prob. 35ECh. 3 - Prob. 36ECh. 3 - Prob. 37ECh. 3 - Prob. 38ECh. 3 - Prob. 39ECh. 3 - Prob. 40PCh. 3 - Prob. 41PCh. 3 - Prob. 42PCh. 3 - Prob. 43PCh. 3 - Prob. 44PCh. 3 - Prob. 45PCh. 3 - Prob. 46PCh. 3 - Prob. 47PCh. 3 - Prob. 48PCh. 3 - Prob. 49PCh. 3 - Prob. 50PCh. 3 - Prob. 51PCh. 3 - Prob. 52PCh. 3 - Prob. 53PCh. 3 - Prob. 54PCh. 3 - Prob. 55CPCh. 3 - Prob. 56CPCh. 3 - Prob. 57CPCh. 3 - Prob. 58CP
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