During the month, the company had $28,000 in revenue from products it provided to customers. All sales were on account. The amount HI Palms paid its suppliers for these products was $9,250. In addition, HI Palms had revenue from services it provided to customers in the amount of $1,800, on account. Customers had paid a total of $4,500 for these transactions by the end of January. In addition, customers paid $26,000 of the balance owed as of January 1 st (from previous months transactions) during the month of January. The company uses the perpetual inventory method. The terms of the Long Term Note Payable are as follows: 6% annual interest rate, interest payments payable monthly on the first day of the month for the previous month, full amount of principal due on November 30, 2025. the amount of this long term is 175,000. can you please make a journal entries of these?

During the month, the company had $28,000 in revenue from products it provided to customers. All sales were on account. The amount HI Palms paid its suppliers for these products was $9,250. In addition, HI Palms had revenue from services it provided to customers in the amount of $1,800, on account. Customers had paid a total of $4,500 for these transactions by the end of January. In addition, customers paid $26,000 of the balance owed as of January 1 st (from previous months transactions) during the month of January. The company uses the perpetual inventory method. The terms of the Long Term Note Payable are as follows: 6% annual interest rate, interest payments payable monthly on the first day of the month for the previous month, full amount of principal due on November 30, 2025. the amount of this long term is 175,000. can you please make a journal entries of these?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 10RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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