The following are selected transactions of winsky company., Ask an Expert

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The following are selected transactions of Winsky Company. Winsky prepares financial statements quarterly.

Jan. 2 Purchased merchandise on account from Yokum Company, $30,000, terms 2/10, n/30.
Feb. 1 Issued a 9%, 2-month, $30,000 note to Yokum in payment of account.
Mar. 31 Accrued interest for 2 months on Yokum note.
Apr. 1 Paid face value and interest on Yokum note.
July 1 Purchased equipment from Korsak Equipment paying $11,000 in cash and signing a 10%, 3-month, $40,000 note.
Sept. 30 Accrued interest for 3 months on Korsak note.
Oct. 1 Paid face value and interest on Korsak note.
Dec. 1 Borrowed $15,000 from the Otago Bank by issuing a 3-month, 8% interest-bearing note with a face value of $15,000.
Dec. 31 Recognized interest expense for 1 month on Otago Bank note.

Prepare journal entries for the above transactions and events

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9435413

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