Question1 on may 10 the company purchased goods from fry

Assignment Help Financial Accounting

Reference no: EM13350328

Question

1. On May 10, the company purchased goods from Fry Company for $70,000, terms 3/10, n/30. Purchases as well as accounts payable are recorded at net amounts

The invoice was paid on May 18

2. On June 1 the company purchased equipment for $90,500 from Raney Company paying $30,500 in cash and giving a one-year 9% note for the balance

3. On September 30 the company discounted at 10% its $210000 one-year zero-interest-bearing note at First State Bank

Instructions

(a) Make the journal entries necessary to record the transactions above using appropriate dates

(b) Make the adjusting entries necessary at December 31, 2012 in order to properly report interest expense related to the above transactions. Suppose straight-line amortization of discounts

(c) Indicate the manner in which the above transactions must be reflected in the Current Liabilities section of Larson Company's December 31, 2012 balance sheet

Reference no: EM13350328

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