General Co

question 23

Essay

General Co.entered into the following transactions involving short-term notes payable.
On May 14,General purchased $40,000 merchandise from Steller Co. ,terms are 2/15,n/30.General uses the perpetual inventory system.On May 29,General replaced the May 14 account payable with a 60-day,$36,000 note bearing 8% annual along with paying $4,000 in cash.On July 28,General paid the amount due on the note at maturity.
Prepare journal entries for all the preceding transactions and events.

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Definitions:

Saturated Self

A term related to the postmodern condition of identity, describing a self inundated by the complexities and contradictions of multiple images and realities.

Role Strain

Experienced when there are contradictory expectations within one role.

Roster

A list or plan showing the duties and leave of individuals or groups, especially within an organization or team.

Role Exit

The process of disengaging from a role that is central to one's self-identity and establishing a new identity.