Alpha Company prepares quarterly adjusting entries and has a fiscal
Alpha Company prepares quarterly adjusting entries and has a fiscal
year end of December 31. The following events occurred in FY 2017:
Oct. 1: accepted from Bravo a $9,000, four months, 9% note in lieu of an existing $9,000 account receivable
Nov. 1: purchased from zulu company, equipment for $42,000 and signed a Note payable due in nine months for $43,035
Use this information to prepare the general journal entries (compound entries where needed and without explanation) for the following:
FY 2017
a. october 1, transaction
b. November 1, transaction
c. December 31, end of the fiscal year adjusting entries
FY 2018
d. Febuary 1, receipt of payment on october 1 note
e. March 31, adjusting entries
f. June 30, adjusting entires
g. august 1, Payment of november 1 note.