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Book/movie review
22/08/2022
PROBLEM 10.3B
Notes Payable: Accruing Interest
During the fiscal year ended December 31, Swanlee Corporation engaged in the following transactions involving notes payable:
|
July 1 |
Borrowed $20,000 from Weston Bank, signing a 90-day, 12 percent note payable. |
|
Sept. 16 |
Purchased office equipment from Moontime Equipment. The invoice amount was $30,000, and Moontime agreed to accept, as full payment, a 10 percent, three-month note for the invoice amount. |
|
Oct. 1 |
Paid Weston Bank the note plus accrued interest. |
|
Dec. 1 |
Borrowed $170,000 from Jean Jones, a major corporate stockholder. The corporation issued a $170,000, 5 percent, 120-day note payable. |
|
Dec. 1 |
Purchased merchandise inventory in the amount of $10,000 from Listen Corporation. Listen accepted a 90-day, 12 percent note as a full settlement of the purchase. Swanlee Corporation uses a perpetual inventory system. |
|
Dec. 16 |
The $30,000 note payable to Moontime Equipment matured today. Swanlee paid the accrued interest on this note and issued a new 60-day, 12 percent note payable in the amount of $30,000 to replace the note that matured. |
Instructions
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