Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. requirement 1. record the transactions in quick m

Requirement 1. Record the transactions in Quick Meals' journal. Assume that no sales returns...

80.2K

Verified Solution

Question

Accounting

Requirement 1. Record the transactions in Quick Meals' journal. Assume that no sales returns are expected. Round all amounts to the nearest dollar. Explanations are not required.

2018 Oct 31 Sold goods to BiLo's Foods, receiving a $40,000, three-month, 5.75% note. (You do not need to make the cost of goods sold journal entry for this transaction.) Dec 31 Made an adjusting entry to accrue interest on the BiLo's Foods note. 2019 Jan 31 Collected the BiLo's Foods note. Nov 11 Loaned $15,400 cash to Strathroy Provisions, receiving a 90-day, 9.75% note. Dec 31 Accrued the interest on the Strathroy Provisions note. image image image Requirement 2. Show what Quick Meals will report on its comparative classified balanced sheet at December 31, 2019 and December 31, 2018. image

Oct 31: Sold goods to Bi Lo's Foods, receiving a S40,000, three-month, 5.75% note. (Ou do not need to make the cost of goods sold journal entry for this transaction.) Journal Entry Date Accounts Debit Credit 2018 Oct 31 Dec 31: Made an adjusting entry to accrue interest on the BiLo's Foods note. (Round your final calculation to the nearest whole dollar.) Journal Entry Date Accounts Debit Credit 2018 Dec 31

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