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Team D Problems 11-1A and 11-7A

Team D Problems 11-1A and 11-7A - P11-1A a Month Day...

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P11-1A a) Month Day Description Debit Credit Jan 5 Cash 22,680 Sales (22,680 / 108%) 21,000 Sales Taxes Payable (22,680 - 21,000) 1,680 12 Unearned Service Revenue 10,000 Service Revenue 10,000 14 Sales Taxes Payable 7,700 Cash 7,700 20 Accounts Receivable 43,200 Sales 40,000 Sales Taxes Payable (800 x 50 x 8%) 3,200 21 Cash 18,000 Notes Payable 18,000 25 Cash 12,420 Sales (12,420 / 108%) 11,500 Sales Taxes Payable (12,420 - 11,500) 920 b) Month Day Description Debit Credit Jan 31 Interest Expense 40 Interest Payable [(18,000 x 8% x 1/12) x 1/3] 40 c) Current Liabilities Notes Payable 18,000 Accounts Payable 52,000 Unearned Service Revenue (16,000 - 10,000) 6,000 Sales Taxes Payable (1,680 + 3,200 + 920) 5,800 Interest Payable 40 Total Current Liabilities 81,840 P11-7A a) Month Day Description Debit Credit 1) July 1 Cash 3,501,514 Discount on Bonds Payable 498,486 Bonds Payable 4,000,000 2) Dec 31 Bond Interest Expense (3,501,514 x 5%) 175,076 Discount on Bonds Payable 15,076 Bond Interest Payable 160,000 3) July 1 Bond Interest Expense [(3,501,514 + 15,076) x 5%] 175,830 Discount on Bonds Payable 15,830 Cash 160,000 4) Dec 31 Bond Interest Expense [(3, 516,590 +15,830) x 5%] 176,621 Discount on Bonds Payable
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