Acc551-gy - E13-1 July 1 Purchases 60,000 Accounts Payable...

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Unformatted text preview: E13-1 July 1 Purchases................................................................................................... 60,000 Accounts Payable........................................................................ 60,000 Freight-in..................................................................................................... 1,200 Cash......................................................................................Cash 1,200 July 3 Accounts Payable....................................................................................... 6,000 Purchase Returns and Allowances............................................ 6,000 July 10 Accounts Payable....................................................................................... 54,000 Cash ($54,000 X 98%).................................................................. 52,920 Purchase Discounts..................................................................... 1,080 E13-3 11/1/10 Cash......................................................................................................... .................................................................................................................. 60,000 Discount on Notes Payable.................................................................... 1,350 Notes Payable........................................................................... 61,350 12/31/10 Interest Expense..................................................................................... 900 Discount on Notes Payable ($1,350 X 2/3).......................................................................... 900 2/1/11 Interest Expense....................................................................................... 450 Discount on Notes Payable....................................................... 450 Notes Payable........................................................................................... 61,350 Cash.............................................................................................Cash....
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Acc551-gy - E13-1 July 1 Purchases 60,000 Accounts Payable...

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