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Steve
Steve, MBA
Category: Business and Finance Homework
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Experience:  MBA
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the following items were selected from among the transactions

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the following items were selected from among the transactions completed by emerald bay stores co. during the current year.
Jan 15. Purchased merchandise on account from hood Co., $200,000, terms n/30.
Feb 14. Issued 60-day, %6 note for $200,000 to Hood Co on account.
April 15. Paid Hood Co. the amount owed on the note of February 14.
June2. Borrowed $187,500 from Acme Bank, issuing a 60-day, 8% note.
July 10. Purchased tools by issuing a $190,000, 90-day note to Columbia supply Co., which discounted the note at the rate of 6%.
Aug 1. Paid Acme Bank the interest rate due on the note of June 2 and renewed the loan by issuing a new 60-day, 10% not for $187,500 (Journalize both the debit and credit to the notes payable account.)
Sept 30. Paid Acme Bank the amount due on the note of August 1.
Oct 8. Paid Columbia Supply co. the amount due on the note of July 10.
Dec 1. Purchased office equipment from Mountain Equipment co. for $120,000 paying $20,000 and issuing a series of ten 6% notes for $10,000 each coming due at 30-day intervals.
Dec 5. Settled a product liability lawsuit with a customer for $76,000, payable in January. Emerald Bay accrued the loss in litigation claims payable account.
Dec 31. paid the amount due Mountain Equipment co. on the first note in the series issued on December 1.
Instructions: 1. Journalize the transactions. 2. Journalize the adjusting entry for each of the following accrued expenses at the end of the current year. (a) product warranty cost $16,400; (b) interest on the nine remaining notes owed to Mountain Equipment co.
****Please send it back in an excel sheet format*****
hi there, Is this answer still needed?
Customer: replied 7 years ago.
Yes, I need it, and Please send it back in an excel sheet format.
Hi there, I am working on it now. Do you have any additional info on the product warrenty cost? When was it issued? It isn't mentioned anywhere else in the question. Please let me know, Steve
Customer: replied 7 years ago.
Thank you for the help Steven. New information: Jan 15. Purchased merchandise on account from hood Co., $220,000, terms n/30. Feb 14. Issued 60-day, %6 note for $220,000 to Hood Co on account. April 15. Paid Hood Co. the amount owed on the note of February 14. Meanhwile, the howmoerk does not disclose when was it issued, yet in the instruction it says (Journalize the adjusting entry for each of the following accrued expenses at the end of the current year. (a) product warranty cost $16,400; ). Please let me know. Thank you I really appreciate it.

I understand. I will post it in the next few minutes.

 



Edited by Stephen L on 5/15/2010 at 8:05 PM EST

Hi again,

 

I have posted your answer at this link:

 

http://cid-de13092d36726788.skydrive.live.com/self.aspx/Public/accounting.xls

 

Please review and let me know if you have further questions.

 

This was a significant amount of work, so a bonus would be very much appreciated.

 

Please press accept if satisfied.

 

Cheers,

 

Steve

 

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