The following items were selected from among the transactions completed by sherwood co. during the current year: mar. 1 purchased merchandise on account from kirkwood co., $372,000, terms n/30. 31 issued a 30-day, 4% note for $372,000 to kirkwood co., on account. apr. 30 paid kirkwood co. the amount owed on the note of march 31. jun. 1 borrowed $150,000 from triple creek bank, issuing a 45-day, 8% note. jul. 1 purchased tools by issuing a $276,000, 60-day note to poulin co., which discounted the note at the rate of 6%. 16 paid triple creek bank the interest due on the note of june 1 and renewed the loan by issuing a new 30-day, 6.5% note for $150,000. (journalize both the debit and credit to the notes payable account.) aug. 15 paid triple creek bank the amount due on the note of july 16. 30 paid poulin co. the amount due on the note of july 1. dec. 1 purchased equipment from greenwood co. for $540,000, paying $108,000 cash and issuing a series of ten 4% notes for $43,200 each, coming due at 30-day intervals. 22 settled a product liability lawsuit with a customer for $309,500, payable in january. accrued the loss in a litigation claims payable account. 31 paid the amount due to greenwood co. on the first note in the series issued on december 1.

Ryan terlecki organized a new internet company, capuniverse, inc. the company specializes in baseball-type caps with logos printed on them. ryan, who is never without a cap, believes that his target market is college and high school students. you have been hired to record the transactions occurring in the first two weeks of operations. issued 2,900 shares of $0.01 par value common stock to investors for cash at $29 per share. borrowed $68,000 from the bank to provide additional funding to begin operations; the note is due in two years. paid $1,000 for the current month's rent of a warehouse and another $1,000 for next month's rent. paid $1,440 for a one-year fire insurance policy on the warehouse (recorded as a prepaid expense). purchased furniture and fixtures for the warehouse for $16,000, paying $3,200 cash and the rest on account. the amount is due within 30 days. purchased for $2,800 cash the university of pennsylvania, notre dame, the university of texas at austin, and michigan state university baseball caps as inventory to sell online. placed advertisements on google for a total of $340 cash. sold caps totaling $1,900, half of which was charged on account. the cost of the caps sold was $1,100. (hint: make two entries.) made full payment for the furniture and fixtures purchased on account in (e). received $280 from a customer on account.

Select the correct answerwhat is the responsibility of each of the twelve federal reserve's banks in their districts? a. they set the prime rateob. they monitor functioning of banks in their through onsite and offsite reviewsc. they assess taxes in their destnictd. they write fiscal policies

On june 1, 2017, blossom company was started with an initial investment in the company of $22,360 cash. here are the assets, liabilities, and common stock of the company at june 30, 2017, and the revenues and expenses for the month of june, its first month of operations: cash $4,960 notes payable $12,720 accounts receivable 4,340 accounts payable 840 service revenue 7,860 supplies expense 1,100 supplies 2,300 maintenance and repairs expense 700 advertising expense 400 utilities expense 200 equipment 26,360 salaries and wages expense 1,760 common stock 22,360 in june, the company issued no additional stock but paid dividends of $1,660. prepare an income statement for the month of june.