"Example Homework Quiz—Day 2

"Example Homework Quiz—Day 2 -...

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Example Homework Quiz—Day 2 1. Glaus Corp. signed a three-month, zero-interest-bearing note on November 1, 2010 for the purchase of $150,000 of inventory. The face value of the note was $152,205. Assuming Glaus used a “Discount on Note Payable” account to initially record the note and that the discount will be amortized equally over the 3-month period. 1a. In the table below write the 11/1 journal entry: 1b. In the table below write the 12/31 journal entry: 1c. In the table below write the 1/31 journal entry: 2. On August 31, Jenks Co. partially refunded $180,000 of its outstanding 10% note payable made one year ago to Arma State Bank by paying $180,000 plus $18,000 interest, having obtained the $198,000 by using $52,400 cash and signing a new one-year $160,000 note discounted at 9% by the bank. 2a. In the table below write the 8/31 journal entry: 1
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2a. In the table below write the 12/31 adjusting journal entry: 3. Total payroll of Watson Co. was $920,000, of which $160,000 represented amounts paid in
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"Example Homework Quiz—Day 2 -...

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