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Q11 - The following are selected transactions of Waleed Company. Waleed prepares financial statements quarterly....

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Accounting

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Q11 - The following are selected transactions of Waleed Company. Waleed prepares financial statements quarterly. Jan. 2 Purchased merchandise on account from Jamal Company, S16,000, terms 2/10,n/30. Feb. 1 Issued a 10%, 3-month, $16,000 note to Jamal in payment of account Apr. 30 Accrued interest for 3 months on Jamal note. May I Paid face value and interest on Jamal note. July 1 Purchased equipment from Nabil Equipment paying $15,000 in cash and signing a 15%, 3-month, $40,000 note. Sept. 30 Accrued interest for 3 months on Nabil note. Oct. 1 Paid face value and interest on Nabil note. Dec. I Borrowed $25,000 from the Oman Arab Bank by issuing a 3-month, 12% interest-bearing note with a face value of $20,000. Dec. 31 Recognized interest expense for 1 month on Oman Arab Bank note. Instructions (a). Prepare journal entries for the above transactions and events. (b). Post to the accounts, Notes Payable, Interest Payable, and Interest Expense. (e). Show the balance sheet presentation of notes and interest payable at December 31. (d). What is total interest expense for the year

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