Zing Cell Phone Company entered into the following transactions involving current liabilities during 2020 and 2021:

Required

1. Determine the maturity dates of the three notes just described.

2. Present journal entries for each of the preceding dates.

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2020 Purchased merchandise on credit from Ferris Inc. for $150,000. The terms were 1/10, n/30 (assume a perpetual Mar. 14 inventory system). Zing paid $30,000 cash and replaced the $120,000 remaining balance of the account payable to Ferris Inc. with a Apг. 14 5%, 60-day note payable. 21 Borrowed $130,000 from Scotiabank by signing a 4.5%, 90-day note. Paid the note to Ferris Inc. at maturity. Paid the note to Scotiabank at maturity. Borrowed $105,000 and signed a 5.25%, 120-day note with National Bank. May Dec. Dec. 15 Recorded an adjusting entry for the accrual of interest on the note to National Bank. 31 2021 Paid the note to National Bank at maturity.