Principles of Accounting II Assignment III (This assignment is continuation from the previous assignment)

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1597173496334_UnitII_PartI.xlsx
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Unit 2

Cookie Creations - Part 1 - Case Scenario
Instructions:
Prepare journal entries for the transactions that occurred in June, July, and August. (The company uses a perpetual inventory system). Round to nearest dollar.
NOTE: Enter the debit/credity account name and the number in cells requesting a dollar value..
Debit Credit
1-Jun Account Receivable (Curtis) 1,150
Equipment (Mixer) 1,150
30-Jun Notes Receivable 1,158
Accounts Receivable (Curtis) 1,150
Interest 8 It is assumed that interest rate 8.35% is per annum. In order to convert the same for month, the rate is divided by 12
31-Jul Accounts Receivable 1,158 Note is dishonored and there is no further extension in note. Therefore, no extra interest is charged.
Notes Receivable 1,158
7-Aug Bank 1,158
Accounts Receivable 1,158