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The January 1, Year 1 trial balance for the Carter Company is found on the trial...

The January 1, Year 1 trial balance for the Carter Company is found on the trial balance tab. The beginning balances are assumed.

Gonzalez Co. entered into the following transactions involving short-term liabilities. (Use 360 days a year.)

Year 1
Apr. 20 Purchased $49,750 of merchandise on credit from Nguyen, terms n/30.
May 19 Replaced the April 20 account payable to Nguyen with a 90-day, 8%, $38,000 note payable along with paying $11,750 in cash.
July 8 Borrowed $102,000 cash from NMR Bank by signing a 120-day, 10%, $102,000 note payable.
Aug. 17 Paid the amount due on the note to Nguyen at the maturity date.
Nov. 5 Paid the amount due on the note to NMR Bank at the maturity date.
Nov. 28 Borrowed $60,000 cash from Chicago Bank by signing a 60-day, 6%, $60,000 note payable.
Dec. 31 Recorded an adjusting entry for accrued interest on the note to Chicago Bank.
Year 2
Jan. 27 Paid the amount due on the note to Chicago Bank at the maturity date.

  General Schedule of Calculation of Year 2 General Trial Balance Requirement Ledger Payables Journal Interest payment GeneralPrepare the journal entries related to notes and accounts payable.   Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries.

Journal entry worksheet 4 Apr. 20. Purchased $49,750 of merchandise on credit from Nguyen, terms n/30. Gonzalez uses the perp2) May 19. Replaced the April 20 account payable to Nguyen with a 90-day, $38,000 note bearing 8% annual interest along with paying $11,750 in cash.

3)Jul. 8. Borrowed $102,000 cash from NMR Bank by signing a 120-day, 10% interest-bearing note with a face value of $102,000.

4) Aug. 17. Paid the amount due on the note to Nguyen at the maturity date.

5) Nov. 5. Paid the amount due on the note to NMR Bank at the maturity date.

6) Nov. 28. Borrowed $60,000 cash from Chicago Bank by signing a 60-day, 6% interest-bearing note with a face value of $60,000.

7) Dec. 31 Recorded an adjusting entry for accrued interest on the note to Chicago Bank.

Options for Account Tile

  • 000: No journal entry required
  • 101: Cash
  • 103: Account receivable - Other
  • 104: Accounts receivable - Chicago
  • 105: Accounts receivable - Nguyen
  • 106: Accounts receivable - NMR Bank
  • 109: Allowance for doubtful accounts
  • 110: Notes receivable - Other
  • 111: Notes receivable - Chicago
  • 112: Notes receivable - Nguyen
  • 113: Notes receivable - NMR Bank
  • 118: Interest receivable
  • 120: Merchandise inventory
  • 201: Accounts payable - Other
  • 202: Accounts payable - Chicago
  • 203: Accounts payable - Nguyen
  • 204: Accounts payable - NMR Bank
  • 206: Interest payable
  • 209: Salaries payable
  • 220: Notes payable - Other
  • 221: Notes payable - Chicago
  • 222: Notes payable - Nguyen
  • 223: Notes payable - NMR Bank
  • 226: Unearned fees
  • 301: Carter, Capital
  • 302: Carter, Withdrawals
  • 403: Sales
  • 404: Sales returns and allowances
  • 405: Sales discounts
  • 406: Interest revenue
  • 600: Cost of goods sold
  • 602: Purchases
  • 603: Purchases returns and allowances
  • 604: Purchases discounts
  • 640: Rent expense
  • 652: Freight-in
  • 655: Bad debts expense
  • 660: Delivery expense
  • 665: Interest expense
  • 700: Income summary

General General Schedule of Calculation of Year 2 Trial Balance Requirement Payables Journal Ledger payment Interest GeneralGeneral General Schedule of Calculation of Year 2 Trial Balance Requirement Journal Payables Ledger Interest payment No inputYear 2 payment Schedule of General General Calculation of Trial Balance Requirement Ledger Payables Journal Interest Here areCalculation of Schedule of General General Year 2 Trial Balance Requirement Journal Ledger Payables Interest payment Enter th

Another part of this table

Total interest expense - Year 1

Schedule of Calculation of General Journal General Year 2 Requirement Trial Balance Ledger Payables Interest payment PrepareOptions for the Account tile

  • 000: No journal entry required
  • 101: Cash
  • 103: Account receivable - Other
  • 104: Accounts receivable - Chicago
  • 105: Accounts receivable - Nguyen
  • 106: Accounts receivable - NMR Bank
  • 109: Allowance for doubtful accounts
  • 110: Notes receivable - Other
  • 111: Notes receivable - Chicago
  • 112: Notes receivable - Nguyen
  • 113: Notes receivable - NMR Bank
  • 118: Interest receivable
  • 120: Merchandise inventory
  • 201: Accounts payable - Other
  • 202: Accounts payable - Chicago
  • 203: Accounts payable - Nguyen
  • 204: Accounts payable - NMR Bank
  • 206: Interest payable
  • 209: Salaries payable
  • 220: Notes payable - Other
  • 221: Notes payable - Chicago
  • 222: Notes payable - Nguyen
  • 223: Notes payable - NMR Bank
  • 226: Unearned fees
  • 301: Carter, Capital
  • 302: Carter, Withdrawals
  • 403: Sales
  • 404: Sales returns and allowances
  • 405: Sales discounts
  • 406: Interest revenue
  • 600: Cost of goods sold
  • 602: Purchases
  • 603: Purchases returns and allowances
  • 604: Purchases discounts
  • 640: Rent expense
  • 652: Freight-in
  • 655: Bad debts expense
  • 660: Delivery expense
  • 665: Interest expense
  • 700: Income summary
General Schedule of Calculation of Year 2 General Trial Balance Requirement Ledger Payables Journal Interest payment General Journal tab - Prepare the Year 1 journal entries related to the notes and accounts payable of Gonzalez Co. Calculation of interest tab - Use the interest formula (P x R x T) to verify the amount of interest recorded in your entries. Verify that total interest expense agrees with the trial balance. Year 2 payment tab - Prepare the January 27, Year 2 entry to record the repayment of the note at maturity.
Journal entry worksheet 4 Apr. 20. Purchased $49,750 of merchandise on credit from Nguyen, terms n/30. Gonzalez uses the perpetual inventory system. Note: Enter debits before credits. Date Account Title Debit Credit Apr 20
General General Schedule of Calculation of Year 2 Trial Balance Requirement Payables Journal Ledger payment Interest General Ledger Account Merchandise inventory Cash Credit No. Date Debit Credit Balance No. Date Debit Balance Jan 01 7,500 Jan 01 48,000 Carter, Capital Balance No. Date Debit Credit 55,500 Jan 01
General General Schedule of Calculation of Year 2 Trial Balance Requirement Journal Payables Ledger Interest payment No input required. Year 2018 represents Year 1 from the problem statement. Carter Company Trial Balance December 31, 2018 Account Title Debit Credit 48,000 Cash Merchandise inventory 7,500 55,500 Carter, Capital 55,500 $ 55,500 Total 2$
Year 2 payment Schedule of General General Calculation of Trial Balance Requirement Ledger Payables Journal Interest Here are the balances in Accounts and Notes payable based on your journal entries: Gonzalez Co. Schedule of Accounts Payable $ Total accounts payable Gonzalez Co. Schedule of Notes Payable ETotal notes payable
Calculation of Schedule of General General Year 2 Trial Balance Requirement Journal Ledger Payables Interest payment Enter the principal amount, interest rate, and number of days of interest to be recorded for each note. Verify that interest expense agrees with your journal entries and the trial balance. Gonzalez Co. Calculation of interest expense August 17 - Nguyen note: Principal Interest rate Number of days' interest to be recorded in Year 1
Total interest expense - Year 1
Schedule of Calculation of General Journal General Year 2 Requirement Trial Balance Ledger Payables Interest payment Prepare the January 27, Year 2 journal entry to record the payment of the Chicago note at maturity. Carter Company does NOT prepare reversing entries. Date Account title Debit Credit 1/27/Year 2
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Journal Entries Debit ($) 49750 Credit ! C63 Dali Accocents Title / Exploration Aprao marchandise Invento sy To accounts PayaNou 28 600 60000 Cash Notes payable - Chicago (To record borrowing of loan from Chicago Bank 39 340 Dec 3) Interest expenselPage 3) Trial Balance (Partal Trial Balance Dec 31, 2018 Accounts Title Debit Credit cash merchandise Pouentory Carter, capit

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