Problem 11-2A (Part Level Submission) The following are selected transactions of Blanco Company. Blanco prepares financial statements quarterly. Jan. 2 Feb. 1 Mar. 31 Purchased merchandise on account from Nunez Company, $32,000, terms 3/10, n/30. (Blanco uses the perpetual inventory system.) Issued a 9%, 2-month, $32,000 note to Nunez in payment of account. Accrued interest for 2 months on Nunez note. Paid face value and interest on Nunez note. Purchased equipment from Marson Equipment paying $12,500 in cash and signing a 10%, 3-month, $69,600 note. Accrued interest for 3 months on Marson note. Apr. 1 July 1 Sept. 30 Oct. 1 Paid face value and interest on Marson note. Dec. 1 Borrowed $34,800 from the Paola Bank by issuing a 3-month, 8% note with a face value of $34,800. Recognized interest expense for 1 month on Paola Bank note. Dec. 31 (a) | Your answer is correct Prepare journal entries for the listed transactions and events. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan. 2. Inventory 32000 Accounts Payable 32000 Feb.1 Accounts Payable 32000 Notes Payable 32000 Mar 31 Interest Expense 480 Interest Payable 480 Apr.1 Notes Payable 32000 Interest Payable 480 Cash 32480 | July 1 Equipment 82100 Cash 12500 Notes Payable 69600 T Sept.30 Interest Expense 1740 Interest Payable 1740 Oct. 1 Notes Payable 69600 Interest Payable 17401 TRUTLAIULL JULUI Cash 71340 Dec. 1 1 Cash 34800 Notes Payable 34800 | Dec.31 Interest Expense 232) Interest Payable 232 (b) Your answer is partially correct. Try again. Post to the accounts Notes Payable, Interest Payable, and Interest Expense. (Post entries in the order of journal entries presented in the previous part.) Notes Payable 4/1 32000 II 2/1 32000 10/1 69600 7/1 69600 12/1 34800 12/31 Bal. 34800 Interest Payable 4/1 480 3/31 480 10/1 1740 9/30 1740 12/31 232 12/31 Bal 232 Interest Expense 3/31 4801 9/30 1740 12/31 232 X 4 12/31 2452