Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. journalize the following transactions of baltic in

Journalize the following transactions of Baltic Inc., which ends its accounting year on November 30...

70.2K

Verified Solution

Question

Accounting

imageimage

Journalize the following transactions of Baltic Inc., which ends its accounting year on November 30 1 Loaned $12,000 cash to Bob Jewitt on a one-year, 8% note. Nov 6 Sold goods to Putt Masters, receiving a 90-day, 6% note for $21,000. Ignore cost of goods sold. 30 Made a single entry to accrue interest revenue on both notes. Use a 360-day year for interest computations and round to the nearest dollar. Sep (Record debits first, then credits. Exclude explanations from any journal entries.) Journalize the loan to Bob Jewitt. Journal Entry Date Accounts Debit Credit Sep Journalize the note to Putt Masters. Ignore cost of goods sold. Journal Entry Date Accounts Debit Credit Nov Journalize the single entry to accrue interest revenue on both notes. Use a 360-day year for interest computations and round to the nearest dollar. Journal Entry Date Accounts Debit Credit Nov 301

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Psychology
1.2K views

explain 5 advantages and 5 disadvantages of quantitative and qualitative research

Biology
1.2K views

H N CH C NH CH C OH CH What is being indicated by the...

Biology
1.2K views

The Northeastern Japan Arc is the result of the Pacific Plate and the Okhotsk Plat...

Geometry
1.2K views

A x 70 76 A x 70 76 41 Show Your Work 41 B O...

Calculus
1.2K views

Suppose a student finds the following values of x and f x x If f...

Accounting
1.2K views

2. Identify 2 specific Australian companies that your chosen costing (job costing)system is suitable for,...

Accounting
1.2K views

please help me to solve these questions: Use the following information ...

Accounting
1.2K views

7. A division's return on investment may be improved by increasing: A Cost of goods...

Accounting
1.2K views

Bonita Industries sells its product for $7100 per unit. Variable costs per unit are: manufacturing,...

Accounting
1.2K views

Please conduct interviews with 10 people (either your friends or your family members, it is...

Finance
1.2K views

a. What is a stock? How do stocks affect the economy? b. Distinguish between ordinary...

Finance
1.2K views

please explain thank you : ) You are providing the following information for a...