Maurice Tutor

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About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 2 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 24 Aug 2017 My Price 6.00

Blanco Company

Blanco Company The following are selected transactions of Blanco Company. Blanco prepares financial statements quarterly. Jan. 2 Purchased merchandise on account from Nunez Company, $34,800, terms 2/10, n/30. Feb. 1 Issued a 9%, 2-month, $34,800 note to Nunez Company in payment of account. Mar. 31 accrued interest for 2 months on Nunez note. Apr. 1 Paid face value and interest on Nunez note. July 1 Purchased equipment from Korsak Equipment paying $12,510 in cash and signing a 10%, 3-month, $63,600 note. Sept. 30 accrued interest for 3 months on Korsak note. Oct. 1 Paid face value and interest on Korsak note. Dec. 1 borrowed $20,400 from the Otago Bank by issuing a 3-month, 8% interest-bearing note with a face value of $20,400. Dec. 31 Recognized interest expense for 1 month on Otago Bank note. Hint: Journalize and post note transactions; show balance sheet presentation. (SO 2) Instructions (a) Prepare journal entries for the above transactions and events. (b) Post to the accounts Notes Payable, Interest Payable, and Interest Expense. (c) Show the balance sheet presentation of notes and interest payable at December 31. (d) What is total interest expense for the year?

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Aug 2017 10:08 PM My Price 6.00

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