Solutions for chapter 11

Solutions for chapter 11 - PROBLEM 11-2A (a) Jan. 2 Feb. 1...

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PROBLEM 11-2A (a) Jan. 2 Merchandise Inventory. ........................... 15,000 Accounts Payable. ............................ 15,000 Feb. 1 Accounts Payable. ................................... 15,000 Notes Payable. .................................. 15,000 Mar. 31 Interest Expense. ...................................... 250 ($15,000 X 10% X 2/12) Interest Payable. ............................... 250 Apr. 1 Notes Payable. .......................................... 15,000 Interest Payable. ....................................... 250 Cash. .................................................. 15,250 July 1 Equipment. ................................................ 35,000 Cash. .................................................. 11,000 Notes Payable. .................................. 24,000 Sept. 30 Interest Expense. ...................................... 600 ($24,000 X 10% X 3/12) Interest Payable. ............................... 600 Oct. 1 Notes Payable. .......................................... 24,000
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This note was uploaded on 05/21/2011 for the course ACY 1111 taught by Professor Km during the Spring '10 term at CUHK.

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Solutions for chapter 11 - PROBLEM 11-2A (a) Jan. 2 Feb. 1...

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