Healthy Meal completed the following selected transactions. i (Click here to see the transactions.) Requirements 1. Record the transactions in Healthy Meal's journal. Assume that no sales returns are expected. Round all amounts to the nearest dollar. Explanations are not required. 2. Show what Healthy Meal will report on its comparative classified balance sheet at December 31, 20X7 and December 31, 20X6. More info Dec 31: Accrued the interest on the Street Provisions note. (Use 365 days in the interest calculation. Round 20X6 Journal Entry Oct 31 Sold goods to Buy Low Foods, receiving a $36,000, three-month, 6.50% note. Date Accounts Debit Credit Dec 31 Made an adjusting entry to accrue interest on the Buy Low Foods note. 20X7 20X7 Dec 31 Interest Payable Jan 31 Collected the Buy Low Foods note. Interest Revenue Feb 18 Received a 90-day, 8.25%, $7,400 note from Dutton Market on account. 19 Sold the Dutton Market note to Amherst Bank, receiving cash of $7,300. (Debit the difference to financing expense.) Requirement 2. Show what Healthy Meal will report on its comparative classified balance sheet at Decembe are only selected transactions.) Nov 11 Lent $16,400 cash to Street Provisions, receiving a 90-day, 9.50% note. 31 Accrued the interest on the Street Provisions note. Dec Balance Sheet (Partial) 20X7 20X6 Print Done
Healthy Meal completed the following selected transactions. i (Click here to see the transactions.) Requirements 1. Record the transactions in Healthy Meal's journal. Assume that no sales returns are expected. Round all amounts to the nearest dollar. Explanations are not required. 2. Show what Healthy Meal will report on its comparative classified balance sheet at December 31, 20X7 and December 31, 20X6. More info Dec 31: Accrued the interest on the Street Provisions note. (Use 365 days in the interest calculation. Round 20X6 Journal Entry Oct 31 Sold goods to Buy Low Foods, receiving a $36,000, three-month, 6.50% note. Date Accounts Debit Credit Dec 31 Made an adjusting entry to accrue interest on the Buy Low Foods note. 20X7 20X7 Dec 31 Interest Payable Jan 31 Collected the Buy Low Foods note. Interest Revenue Feb 18 Received a 90-day, 8.25%, $7,400 note from Dutton Market on account. 19 Sold the Dutton Market note to Amherst Bank, receiving cash of $7,300. (Debit the difference to financing expense.) Requirement 2. Show what Healthy Meal will report on its comparative classified balance sheet at Decembe are only selected transactions.) Nov 11 Lent $16,400 cash to Street Provisions, receiving a 90-day, 9.50% note. 31 Accrued the interest on the Street Provisions note. Dec Balance Sheet (Partial) 20X7 20X6 Print Done
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Healthy Meal completed the following selected transactions.
A (Click here to see the transactions.)
Requirements
1. Record the transactions in Healthy Meal's journal. Assume that no sales returns are expected. Round all amounts to the nearest dollar. Explanations are not required.
2
Show what Healthy Meal will report on its comparative classified balance sheet at December 31, 20X7 and December 31, 20X6.
More info
Dec 31: Accrued the interest on the Street Provisions note. (Use 365 days in the interest calculation. Round
20X6
Journal Entry
Oct
31 Sold goods to Buy Low Foods, receiving a $36,000, three-month, 6.50% note.
Date
Accounts
Debit
Credit
Dec
31 Made an adjusting entry to accrue interest on the Buy Low Foods note.
20X7
20X7
Dec
31 Interest Payable
Jan
31 Collected the Buy Low Foods note.
Interest Revenue
Feb
18 Received a 90-day, 8.25%, $7,400 note from Dutton Market on account.
19 Sold the Dutton Market note to Amherst Bank, receiving cash of
$7,300. (Debit the difference to financing expense.)
Requirement 2. Show what Healthy Meal will report on its comparative classified balance sheet at Decembe
are only selected transactions.)
Nov
11 Lent $16,400 cash to Street Provisions, receiving a 90-day, 9.50% note.
Dec
31 Accrued the interest on the Street Provisions note.
Balance Sheet (Partial)
20X7
20X6
Print
Done
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