Problem $10-3$A Transactions with current notes payable LO$3$

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 $$152,000.$ The terms

were $1/10,$ n$/30($assume a perpetual inventory system$).$

Apr. $14$ Zing paid $$31,000$ cash and replaced the $$121,000$ remaining balance of the account

payable to Ferris Inc. with a $4\%,60-$day note payable.

May $21$ Borrowed $$131,000$ from Scotiabank by signing a $3\mathrm{.}5\%,90-$day note.

$?$ Paid the note to Ferris Inc. at maturity.

$?$ Paid the note to Scotiabank at maturity.

Dec. $15$ Borrowed $$106,000$ and signed a $4\mathrm{.}25\%,120-$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.

$2.$ 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.$)$