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Journalize and Post Note Transactions

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Journalize and Post Note Transactions. See attached file for full problem description.

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Solution Summary

The solution contains journal entries and T accounts,

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Hello,

Please see help on your posting as given below. Same is attached as Excel file. Statements are provided along with formulas sheet for clarity and easy reference. Hope this helps you. For any further clarification feel free to get in touch.

Best Wishes

Response:

Part a
In the books of Talley Company Journal entries
Date Particulars Debit Credit
2-Jan Purchase 20000
Jones Company 20000
Merchandise purchased on credit

1-Feb Jones Company 20000
Notes payable 20000
Note payable ...

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