Need help with journal entries

timer Asked: Oct 27th, 2015

Question description

What is the journal entries for these 4

1.) On Feb. 2, the corporation purchased goods from Martin Company for $79,700 subject to cash discount terms 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net accounts. The invoice was paid on Feb. 26.

2.) On April 1, the corporation bought a truck for $81,000 from GMC, paying $5,000 in cash and signing a one-year, 12% note for the balance of the purchase price.

3.) On May 1, the corporaion borrowed $127,200 from Chicago National bank by signing a $136,680 zero-interest-bearing note due one year from May 1.

4.) On August 1, the board of directors declared a $304,900 cash dividend that was payable on September 10 to stockholders of record on August 31.

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