Book Journal entries for the following transactions: The amount of supplies purchased was $40,000. End of...

Book Journal entries for the following transactions:

The amount of supplies purchased was $40,000. End of the year supply count showed that there was a $10,000 balance. All supplies were purchased with credit. ½ the liability was paid by year-end.

Building was purchased on 4/1 for $900,000 cash. Salvage/residual value of $100,000 exists. Straight-line is used over a 20-year life

We needed funds, so we signed a note on 7/1 for $100,000. We agreed to pay back the note at the end of the next year. Interest rate is10%, payable 12/31. The note is short-term.

Expert Solution

ekkarill92 answered 1 year ago

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