Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 31 Jul 2017 My Price 9.00

Karolina Company.

The following are selected transactions of Karolina Company. Karolina prepares financial statements quarterly.
Jan. 2 Purchased merchandise on account from Pavel Company, $20,000, terms 2/10, n/30. (Karolina uses the perpetual inventory system.)
Feb. 1 Issued a 12%, 2-month, $20,000 note to Pavel in payment of account.
Mar. 31 Accrued interest for 2 months on Pavel note.
Apr. 1 Paid face value and interest on Pavel note.
July 1 Purchased equipment from Filipensky Equipment paying $12,000 in cash and signing a 10%, 3-month, $25,000 note.
Sept. 30 Accrued interest for 3 months on Filipensky note.
Oct. 1 Paid face value and interest on Filipensky note.
Dec. 1 Borrowed $15,000 from the Federated Bank by issuing a 3-month, 12% note with a face value of $15,000.
Dec. 31 Recognized interest expense for 1 month on Federated Bank note.
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 31 Jul 2017 07:07 AM My Price 9.00

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