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Ch2A JE answers F11

Ch2A JE answers F11 - Chapter 2 Review of the Accounting...

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Chapter 2 – Review of the Accounting Process PRACTICE MAKING JOURNAL ENTRIES (I just randomly assigned dates) A local restaurant, Spicy Senorita, purchases $5,000 worth of food on credit, payable within 30 days. 1/1 Inventory 5,000 A/P 5,000 Purchased inventory on Account.  Payable in 30 days. Spicy Senorita pays for 1/2 of its purchase. 1/2 A/P 2,500 Cash 2,500 Made payment on account to XYZ. Breanna starts a company (Short Dance Studios Inc.) and borrows $30,000 from the Citibank 1/3 Cash 30,000 N/P 30,000 To record loan from Citibank.   Short Dance Studios has a great first year, so Breanna decides to repay $10,000 of the amount due to the  Citibank.  The payment includes $1000 interest. 6/10 N/P 9,000 Interest expense 1,000 Cash 10,000 To record interest and principle payment to Citibank. Morris Legal Services, Inc. invests $200,000 in U.S. Treasury Bonds.
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