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Alpha Company prepares quarterly adjusting entries and has a fiscal year end of December 31. Oct 1: Accepted from Bravo a $9,000, four month 9% note in lieu of an existing $9,000 account receivable

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Question

Alpha Company prepares quarterly adjusting entries and has a fiscal year end of December 31. Oct 1:

Accepted from Bravo a $9,000, four month 9% note in lieu of an existing $9,000 account receivable

Nov1: purchased from Zulu company, equipment for $42,000 and signed a note payable due in nine months for $43,035.

Use this this information to prepare general ledger entries (compound entries where needed and without explanation) for the following:

FY 2017

a. Oct 1, transaction

b. Nov 1, transaction

c. Dec 31, end of year adjusting entries

FY 2018

d. Feb 1, receipt of payment on Oct 1 transaction

e. Mar 31, adjusting entries

f. Jun 30, adjusting entries

g. Aug 1, payment of note from Nov 1 note

 
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