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Category > Accounting Posted 26 Jul 2017 My Price 7.00

Winsky Company

FIN ACC 557 P11-2A The following are selected transactions of Winsky Company

 

Axia College of University of Phoenix (UoP)

 

Accounting Principles

Financial Accounting: Weygandt, Kieso, and Kimmel, 5th Edition

 

P11-2A The following are selected transactions of Winsky Company. Winsky prepares financial statements quarterly. Jan. 2 Purchased merchandise on account from Yokum Company, $30,000, terms 2/10, n/30. Feb. 1 Issued a 9%, 2-month, $30,000 note to Yokum in payment of account. Mar. 31 Accrued interest for 2 months on Yokum note. Apr. 1 Paid face value and interest on Yokum note. July 1 Purchased equipment from Korsak Equipment paying $11,000 in cash and signing a 10%, 3-month, $40,000 note. Sept. 30 Accrued interest for 3 months on Korsak note. Oct. 1 Paid face value and interest on Korsak note. Dec. 1 Borrowed $15,000 from the Otago Bank by issuing a 3-month, 8% interest-bearing note with a face value of $15,000. Dec. 31 Recognized interest expense for 1 month on Otago Bank note.

 

a) Prepare journal entries for the above transactions and events.

b) Post to the accounts Notes Pay, Interest Pay, and Interest Exp.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Jul 2017 10:07 AM My Price 7.00

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