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Solutions for chapter 11

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

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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 Interest Payable ........................................ 600 Cash ................................................... 24,600 Dec. 1 Cash ........................................................... 10,000 Notes Payable ................................... 10,000 Dec. 31 Interest Expense ....................................... 75 (\$10,000 X 9% X 1/12) Interest Payable ................................ 75

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PROBLEM 11-2A (Continued) (b) Notes Payable 4/1 15,000 10/1 24,000

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

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