Question

record entries in proper journal entry format. show work if needed

March

10. Purchased a parcel of land on March 1, 2019 for $650,000 by paying $425,000 in cash and signing a short-term note payable with the seller for $225,000. You must repay the $225,000 in exactly one year on March 1, 2020. You agree to pay the seller 4.5 percent interest (annual rate) on a quarterly basis (June 1, September 1, December 1, 2019, and March 1, 2020).

    [Adjusting Entry Required]

11. On March 19th you purchased $33,480 of office supplies from Super Office Supplies with cash.

12. On March 20th you received a payment of $125,000 for 260 hours of service to be performed in the future.

April

13. April 21st, your customers bought 15,000 units of your product for $125 per unit (you decide what your company sells). The cost of this product is determined by the method of inventory valuation used by your company. Customers paid you 55% in cash and the remainder was on account.

14. On April 27nd you purchased 9,250 units at a cost of $67 per unit. You paid 45% in cash and purchased the remainder on account.

15. On April 29th you pay $550,000 cash toward your accounts payable.

Answer 1

Mar-01	Land	650000
	Cash		425000
	Notes payable		225000
Mar-19	Supplies	33480
	Cash		33480
Mar-20	Cash	125000
	Service revenue		125000
Apr-21	Cash ( 15000 * 125 * 55 % )	1031250
	Accounts receivable	843750
	Sales revenue ( 15000 * 125 )		1875000
Apr-27	Purchases ( 9250 * 67 )	619750
	Accounts payable		340862.5
	Cash ( 9250 *67 * 45 % )		278887.5
Apr-29	Accounts payable	550000
	Cash		550000
Extra work
Jun-01	Interest exp. ( 225000 * 4.5 % * 3/12 )	2531
	Interest payable		2531
Sept. 1	Interest exp. ( 225000 * 4.5 % * 3/12 )	2531
	Interest payable		2531
Dec.1	Interest exp. ( 225000 * 4.5 % * 3/12 )	2531
	Interest payable		2531
March 1,2020	Interest exp. ( 225000 * 4.5 % * 3/12 )	2531
	Interest payable		2531