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Journal Entries and notes payable

P2-2A The following are selected transactions of Detroit Company. financial
statements quarterly. (A perpetual inventory system is used.)

Jan. 2 Purchased merchandise on account from Teresa Speck Company, $15,000,
terms 2/10, n/30.
Feb. 1 Issued a 10%, 2-month, $15,000 note to Teresa Speck in payment of
account.
Mar. 31 Accrued interest for 2 months on Teresa Speck note.
Apr. 1 Paid face value and interest on Teresa Speck note.
July 1 Purchased equipment from Scottie Equipment paying $11,000 in cash and
signing a 10%, 3-month, $24,000 note.
Sept. 30 Accrued interest for 3 months on Scottie note.
Oct. 1 Paid face value and interest on Scottie note.
Dec. 1 Borrowed $10,000 from the Federation Bank by issuing a 3-month,
9%-interest-bearing note with a face value of $10,000.
Dec. 31 Recognized interest expense for 1 month on Federation Bank note.
Could you help me with parts C and D on this and also check parts A and B to be sure I have them right. Thanks!

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P2-2A The following are selected transactions of Detroit Company. financial
statements quarterly. (A perpetual inventory system is used.)

Jan. 2 Purchased merchandise on account from Teresa Speck Company, $15,000,
terms ...

Solution Summary

This discusses the Journal Entries and notes payable

$2.19