Reference no: EM132177682
Question - Alpha Company prepares quarterly adjusting entries & has a fiscal year end of December 31. the following events occurred in FY 2017:
Oct. 1: accepted from bravo a $27,000, four months, 8% note in lieu of an existing $27,000 account receivable.
Nov. 1: purchased from zulu company, equipment for $36,000 and signed a note payable due in nine months for $36,900.
Use this information to prepare the general journal entries (compound entries where needed and without explanation for the following:
Fiscal Year 2017:
a. October 1, transaction
b. November 1, transaction
c. December 31, end of the fiscal adjusting entries
Fiscal year 2018
d. February 1, receipt of payment on October 1 note.
e. March 31, adjusting entries.
f. June 30, adjusting entries.
g. August 1, payment of November 1 note.
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