These Are Selected Transactions Of Lily Company Lily Prepares Financial Statements Quarterly Jan 2 Feb Mar Apr July 1 (45.06 KiB) Viewed 33 times
These Are Selected Transactions Of Lily Company Lily Prepares Financial Statements Quarterly Jan 2 Feb Mar Apr July 2 (45.06 KiB) Viewed 33 times
These Are Selected Transactions Of Lily Company Lily Prepares Financial Statements Quarterly Jan 2 Feb Mar Apr July 3 (51.27 KiB) Viewed 33 times
These Are Selected Transactions Of Lily Company Lily Prepares Financial Statements Quarterly Jan 2 Feb Mar Apr July 4 (48.75 KiB) Viewed 33 times
These are selected transactions of Lily Company. Lily prepares financial statements quarterly. Jan 2 Feb. Mar. Apr. July 1 Sept 30 Oct. 1 a 1 31 1 Dec. 1 Dec. 31 Purchased merchandise on account from Nunez Company, $33,000, terms 2/10, n/30, (Lily uses the perpetual inventory system.) Issued a 9%, 2-month, $33,000 note to Nunez in payment of account. Accrued interest for 2 months on Nunez note. Paid face value and interest on Nunez note. Date Purchased equipment from Marson Equipment paying $10,000 in cash and signing a 10%, 3-month, $50,400 note: Accrued interest for 3 months on Marson note Paid face value and interest on Marson note Borrowed $21.600 from the Paola Bank by issuing a 3-month, 856 note with a face value of $21,600. Recognized interest expense for 1 month on Paola Bank note Prepare journal entries for the listed transactions and events. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem) Account Titles and Explanation Debit Credit
Prepare journal entries for the listed transactions and events Credit account cities are entered. Do not indent manually Record journal entries in the onder presented in the problem) Date Account Titles and Explanation Indented when amount is Debit Cre
Post to the accounts Notes Payable, Interest Payable, and Interest Expense. (Post entries in the order of journal entries presented in the previous part) 10/1 Notes Payable Interest Payable Interest Expense
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!