Marsh Company had the following transactions during March:
Mar 1 Purchased computer equipment by issuing a $ 16,000, 6-month, 6% note payable. Interest is due at maturity.
Mar 5 Provided services to customers for $ 9,800 plus 13% HST; customers paid cash.
Mar 15 Purchased supplies on account from Grand and Toy for $ 7,500. Supplier terms are 2/10, n/30.
Mar 31 Paid the Grand and Toy account in full.
Instructions
a) Record the transactions.
b) Record any adjusting entries required at March 31 related to these liabilities.

Question

Quizplus · Accepted Answer

The Answer of Marsh Company had the following transactions during March:
Mar 1 Purchased computer equipment by issuing a $ 16,000, 6-month, 6% note payable. Interest is due at maturity.
Mar 5 Provided services to customers for $ 9,800 plus 13% HST; customers paid cash.
Mar 15 Purchased supplies on account from Grand and Toy for $ 7,500. Supplier terms are 2/10, n/30.
Mar 31 Paid the Grand and Toy account in full.
Instructions
a) Record the transactions.
b) Record any adjusting entries required at March 31 related to these liabilities.

Marsh Company Had the Following Transactions During March