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Provide the general journal entries to record the necessary information, for each scenario

Provide the general journal entries to record the necessary information, for each scenario
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Solution Guide / Answer Key:

ACCOUNTING

Provide the general journal entries to record the necessary information, for each scenario. Use a electronic spreadsheet program to record your answers.

Use the following account titles for the transactions: Cash, Accounts Payable, Notes Payable, Interest Payable, Unearned Ticket Revenue, Ticket Revenue, Supplies Expense, Discount, and Interest Expense.

Scenario 1: On April 1, 2009 Williams Company borrowed $100,000 from National Bank. The note is a 10%, nine month note. Interest accrues quarterly. The total principal and interest will be paid December 31, 2009. Record the entries for April 1, the quarterly accruals and the payment on 12/31/09.

Scenario 2: Midwest University sells 5,000 season baseball tickets at $25 each for its five-game home schedule. Record the entries for the sale of the tickets and the entry after its first home game.

Scenario 3: Williams Company is on credit with its major supplier. On May 1, they purchased $10,000 in supplies on credit. The terms are 2/10, net 30. They make the payment on May 10, to take advantage of the discount. Record the entry for the payment on 5/10.

 

FILE: MS WORD

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