Zing Cell Phone Company entered into the following transactions involving current liabilities during 2023 and 2024...
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Zing Cell Phone Company entered into the following transactions involving current liabilities during 2023 and 2024 2023 Mar. 14 Purchased merchandise on credit from Ferris Inc. for $158,000. The terms were 1/10, n/30 (assume a perpetual inventory system). Apr. 14 Zing paid $34,000 cash and replaced the $124,000 remaining balance of the account May payable to ferris Inc. with a 3%, 60-day note payable. 21 Borrowed $134,000 from Scotiabank by signing a 2.0%, 90-day note. ?Pald the note to ferris Inc. at maturity. Paid the note to Scotiabank at maturity. Dec. 15 Borrowed $109,000 and signed a 3,25%, 120-day note with National Bank. Dec. 31 Recorded an adjusting entry for the accrual of interest on the note to National Bank. 2024 ?Paid the note to National Bank at maturity. Required: 1. Determine the maturity dates of the three notes just described. Ferris Inc. Scotiabank National Bank Maturity date L 2. Present journal entries for each of the preceding dates. (Use 365 days on year. Do not round intermediate calculations and round the final answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record the purchase of merchandise on credit. Note: Enter debits before credits. Transaction General Journal Debit Credit Activate Win 2. Present journal entries for each of the preceding dates. (Use 365 days an year. Do not round intermediate calculations and round the final answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record the payment of cash and a note written to extend due date. Note: Enter debits before credits. Transaction b General Journal Debit Credit > Activate Windows 2. Present journal entries for each of the preceding dates. (Use 365 days an year. Do not round intermediate calculations and round the final answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 2 3 4 5 16 7 8 Record the borrowing of cash with a 90-day against note. Note: Enter debits before credits. Transaction C General Journal Debit Credit Activate Windo 2. Present journal entries for each of the preceding dates. (Use 365 days on year. Do not round intermediate calculations and round the final answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record the payment of note with interest. Note: Enter debits before credits. Transaction General Journal Debit Credit Activate Win 2. Present journal entries for each of the preceding dates. (Use 365 days an year. Do not round intermediate calculations and round the final answers to 2 decimal places.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 Record the payment of note with interest. Note: Enter debits before credits. Transaction General Journal Debit Credit Activate W 2. Present journal entries for each of the preceding dates. (Use 365 days an year. Do not round intermediate calculations and round the final answers to 2 decimal places.) View transaction list Journal entry worksheet < 2 3 4 5 6 7 8 Record the borrowing of cash with a 120-day note. Note: Enter debits before credits. Transaction General Journal Debit Credit Activate Windows 2. Present journal entries for each of the preceding dates. (Use 365 days an year. Do not round intermediate calculations and round the final answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 8 Record the accrued interest on note payable. Note: Enter debits before credits. Transaction General Journal Debit Credit Activate Windows Ko to Suittians to activat 2. Present journal entries for each of the preceding dates. (Use 365 days an year. Do not round intermediate calculations and round the final answers to 2 decimal places.) View transaction list Journal entry worksheet < 2 3 4 5 6 7 Record the payment of note with interest. Note: Enter debits before credits. Transaction General Journal Debit Credit Activate Windows Go to Settings to activale Zing Cell Phone Company entered into the following transactions involving current liabilities during 2023 and 2024 2023 Mar. 14 Purchased merchandise on credit from Ferris Inc. for $158,000. The terms were 1/10, n/30 (assume a perpetual inventory system). Apr. 14 Zing paid $34,000 cash and replaced the $124,000 remaining balance of the account May payable to ferris Inc. with a 3%, 60-day note payable. 21 Borrowed $134,000 from Scotiabank by signing a 2.0%, 90-day note. ?Pald the note to ferris Inc. at maturity. Paid the note to Scotiabank at maturity. Dec. 15 Borrowed $109,000 and signed a 3,25%, 120-day note with National Bank. Dec. 31 Recorded an adjusting entry for the accrual of interest on the note to National Bank. 2024 ?Paid the note to National Bank at maturity. Required: 1. Determine the maturity dates of the three notes just described. Ferris Inc. Scotiabank National Bank Maturity date L 2. Present journal entries for each of the preceding dates. (Use 365 days on year. Do not round intermediate calculations and round the final answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record the purchase of merchandise on credit. Note: Enter debits before credits. Transaction General Journal Debit Credit Activate Win 2. Present journal entries for each of the preceding dates. (Use 365 days an year. Do not round intermediate calculations and round the final answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record the payment of cash and a note written to extend due date. Note: Enter debits before credits. Transaction b General Journal Debit Credit > Activate Windows 2. Present journal entries for each of the preceding dates. (Use 365 days an year. Do not round intermediate calculations and round the final answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 2 3 4 5 16 7 8 Record the borrowing of cash with a 90-day against note. Note: Enter debits before credits. Transaction C General Journal Debit Credit Activate Windo 2. Present journal entries for each of the preceding dates. (Use 365 days on year. Do not round intermediate calculations and round the final answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record the payment of note with interest. Note: Enter debits before credits. Transaction General Journal Debit Credit Activate Win 2. Present journal entries for each of the preceding dates. (Use 365 days an year. Do not round intermediate calculations and round the final answers to 2 decimal places.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 Record the payment of note with interest. Note: Enter debits before credits. Transaction General Journal Debit Credit Activate W 2. Present journal entries for each of the preceding dates. (Use 365 days an year. Do not round intermediate calculations and round the final answers to 2 decimal places.) View transaction list Journal entry worksheet < 2 3 4 5 6 7 8 Record the borrowing of cash with a 120-day note. Note: Enter debits before credits. Transaction General Journal Debit Credit Activate Windows 2. Present journal entries for each of the preceding dates. (Use 365 days an year. Do not round intermediate calculations and round the final answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 8 Record the accrued interest on note payable. Note: Enter debits before credits. Transaction General Journal Debit Credit Activate Windows Ko to Suittians to activat 2. Present journal entries for each of the preceding dates. (Use 365 days an year. Do not round intermediate calculations and round the final answers to 2 decimal places.) View transaction list Journal entry worksheet < 2 3 4 5 6 7 Record the payment of note with interest. Note: Enter debits before credits. Transaction General Journal Debit Credit Activate Windows Go to Settings to activale
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Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1260305838
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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