BISHOP COMPANY

Inv. No. Check
Date Description Name or Date No. Terms Amount
Mar. 1 Received merchandise and invoice Soy Industries Mar. 1 2/15, n/30 42,600
2 Merchandise sold (cost $7,900) Min Cho 854 2/10, n/30 15,800
3 Purchased office supplies Stacy Company Mar. 3 n/10 EOM 1,120
3 Merchandise sold (cost $4,600) Lance Snow 855 2/10, n/30 9,200
6 Borrowed on long-term note payable Federal Bank 72,000
9 Purchased office equipment Tells Supply Mar. 9 n/10 EOM 20,850
10 Sold merchandise (cost $2,300) Taylor Few 856 2/10, n/30 4,600
12 Received payment less discount Min Cho 854 2/10, n/30
13 Paid invoice less discount Soy Industries Mar. 3 416 2/10, n/30
13 Received payment less discount Lance Snow 855 2/10, n/30
14 Purchase merchandise JW Company Mar. 13 2/10, n/30 31,625
15 Check issued for sales salaries 417 15,900
15 Cash sales for first half of month (cost $138,000) 164,680
16 Purchased store

To determine the remaining balance of the long-term note payable for Bishop Company, we need to analyze the given information and transactions.

Let's break down the transactions related to the long-term note payable:

1. On March 6, Bishop Company borrowed $72,000 on a long-term note payable from Federal Bank.

We will calculate the remaining balance of the long-term note payable by considering the payment terms and any subsequent transactions that affect it.

To calculate the remaining balance:
1. Start with the initial borrowed amount - $72,000.

Now let's consider the subsequent transactions:

1. No transaction directly affects the long-term note payable. Therefore, the remaining balance is still $72,000.

If there are any other transactions related to the long-term note payable that are not mentioned in the given information, please provide that additional information to get a more accurate answer.