Zing Cell Phone Company entered into the following transactions involving current liabilities during 2 0 2 3
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Question:
Zing Cell Phone Company entered into the following transactions involving current liabilities during and :
Mar. Purchased merchandise on credit from Ferris Inc. for $ The terms
were nassume a perpetual inventory system
Apr. Zing paid $ cash and replaced the $ remaining balance of the account
payable to Ferris Inc. with a day note payable.
May Borrowed $ from Scotiabank by signing a day note.
Paid the note to Ferris Inc. at maturity.
Paid the note to Scotiabank at maturity.
Dec. Borrowed $ and signed a day note with National Bank.
Dec. Recorded an adjusting entry for the accrual of interest on the note to National Bank.
Paid the note to National Bank at maturity.
Required:
Determine the maturity dates of the three notes just described.
Present journal entries for each of the preceding dates. Use days an year. Do not round intermediate calculations and round the final answers to decimal places. Record the purchase of merchandise on credit Record the payment of cash and a note written to extend due date.. Record the borrowing of cash with a day against note Record the payment of note with interest.. Record the payment of note with interest... Record the borrowing of cash with a day note. Record the accrued interest on note payable. Record the payment of note with interest.
Related Book For
College Mathematics For Business Economics, Life Sciences, And Social Sciences
ISBN: 978-0134674148
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker
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