The following transactions of Melody Music Company occurred during 2018 and 2019:

Requirement

1. Record the transactions in Melody Music Company’s journal. Explanations are not required.

Transcribed Image Text:

2018 Mar 3 Purchased a piano (inventory) for $45,000, signing a six-month, 10% note payable. Borrowed $100,000 on a 5% one-year note payable. Paid the six-month, 10% note at maturity. Accrued warranty expense, which is estimated at 2% of sales of $202,000. Accrued interest on the outstanding note payable. May 31 Sep 3 Dec 31 31 2019 Paid the outstanding note payable at maturity. May 31