Electron borrowed 75000 cash from techcom by signing

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10. Electron borrowed $75,000 cash from TechCom by signing a promissory note. TechCom's entry to record the transaction should include a: A) Debit to Notes Receivable for $75,000. B) Debit to Accounts Receivable for $75,000. C) Credit to Notes Receivable for $75,000. D) Debit Notes Payable for $75,000. E) Credit to Sales for $75,000. Page 5
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Problem #1 ( 30 points ) Purchases Journal Date Account Date of Invoice Terms PR Accounts Payable Cr. Inventory Dr. Office Supplies Dr. Other Accounts Dr. May 2 Echo Co. 5/1 n/60 200 200 9 Inca Co. 5/8 1/15, n/30 24,600 24,600 1 8 Howe Inc. 5/17 Net EOM 230 230 Totals 25,030 24,800 230 Cash Disbursements Journal Date Ck. No. Payee Account Debited PR Cash Cr. Inventory Cr. Other Accounts Dr. Accounts Payable May 1 1133 Zillah Co. Inventory 5,400 5,400 6 1134 Fox Inc. Fox Inc. 4,900 100 5,000 1 0 1135 Echo Co. Echo Co. 7,200 7,200 Totals 17,500 100 5,400 12,200
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Problem #2 Brown Company Bank reconciliation September 30, 2009 Bank statement Balance…… 1,350 Book Balance………... 995.00 Add Add Deposit in transit……………… 1,250 Collect $900 note less $25 fee… 875.00 875.00 2,600 1,870 Deduct Deduct Outstanding check…………… 1,145 NSF Check plus processing fee… 125.00 Cancelled Check …………………….. 275.00 Debit memorandum………………. 15.00 415.00 Adjusted Bank Balance……. 1,455 Adjusted book balance……………. 1,455 Required Adjusting entries for Brown Co. Sep 30 Cash…………………………………………. 875 Collection Fee………………………………. 25 Notes Receivable…………………… 900
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  • Summer '10
  • TracyEdmond
  • Cash Disbursements Journal, Purchases Journal

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