https://proficientwriters.net/wp-content/uploads/2020/04/logo-300x60.png 0 0 Paul https://proficientwriters.net/wp-content/uploads/2020/04/logo-300x60.png Paul2021-05-03 15:29:222021-05-03 15:29:221. On February 2, the corporation purchased goods from Martin Company for $71,000 subject to cash... 1 answer below »
|1.||On February 2, the corporation purchased goods from Martin Company for $71,000 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26.|
|2.||On April 1, the corporation bought a truck for $52,000 from General Motors Company, paying $3,000 in cash and signing a one-year, 10% note for the balance of the purchase price.|
|3.||On May 1, the corporation borrowed $83,300 from Chicago National Bank by signing a $92,780 zero-interest-bearing note due one year from May 1.|
|4.||On August 1, the board of directors declared a $325,700 cash dividend that was payable on September 10 to stockholders of record on August 31.
Make all the journal entries necessary to record the transactions above using appropriate dates.