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Unformatted text preview: 1-Apr 1-Jul 1-Oct 31-Dec 31-Dec Before season First game 1-May 10-May Jennifer Stacy BUS3060 U6A2 For this assignment, provide the general journal entries to record the necessary information, for each scenario. Use the following account titles for the transactions: Cash, Accounts Payable, Discount Earned, Notes Payable, Interest Payab Ticket Revenue, Ticket Revenue, Supplies Expense and Interest Expense. Scenario 1: On April 1, 2009 Williams Company borrowed $100,000 from National Bank. The note is a 10%, nine month not accrues quarterly. The total principal and interest will be paid December 31, 2009. Record the entries for April 1, the quarterly the payment on 12/31/09. Cash Notes Payable Interest Expense Interest Payable Interest Expense Interest Payable Notes Payable Interest Payable Accounts Payable Interest Payable Cash Scenario 2: Midwest University sells 5,000 season baseball tickets at $25 each for its five-game home schedule. Record the sale of the tickets and the entry after its first home game. Cash Unearned Ticket Revenue Unearned Ticket Revenue Ticket Revenue Scenario 3: Willams Company is on credit with its major supplier. On May 1, they purchased $10,000 in supplies on credit. T 2/10, net 30. They make the payment on May 10, to take advantage of the discount. Record the entry for the payment on 5/1 Interest Expense Accounts Payable Accounts Payable Cash Discount Earned $100,000 $100,000 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $100,000 $7,500 $107,500 $125,000 $125,000 $25,000 $25,000 $10,000 $10,000 $10,000 $9,800 $200 ...
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This note was uploaded on 12/09/2010 for the course BUS BUS3060 taught by Professor Steinwall during the Fall '10 term at Kaplan University.
- Fall '10