Transcribed Image Text: OWv2| Onlin X om/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLoca Book Show Me How Calculator ournal Entries (Note Issued, Renewed, and Paid) May 1 Purchased $5,000 worth of

Transcribed Image Text: OWv2| Onlin X
om/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLoca
Book
Show Me How
Calculator
ournal Entries (Note Issued, Renewed, and Paid)
May 1 Purchased $5,000 worth of equipment from a supplier on account.
June 1 Issued a $5,000, 30-day, 6 % note in payment of the account payable.
July 1 Paid $500 cash plus interest to the supplier, extending the note for 30 days from July 1.
31 Paid the note in full.
Aug. 10 Issued a $3,500, 60-day, 7% note to a supplier for purchese of merchandise.
Prepare general journal entries for the transactions. Assume 360 days in a year
Page: 1
Doc. POST
NO REF.
DATE
ACCOUNT TITLE
DEBIT CREDIT
20-
May 1
Equipment
5,000
Accounts Payable
5,000
3
nts Payable
4 Jun. 1
5.000
Netes Pay ht
5.000
5
5
Hotes Pay lolcithots
Jul. 1
5.000
1nterest pedse
Chedk My Work
ro
n

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