Problem 11-2A Transaction with short-term notes payable The High level company entered into the following transactions involving short-term liabilities during 2014-2015.

2014

Mar. 14 Purchased merchandise on credit from Ferris Inc. for $130,000. The terms were 1/10, n/30

(assume a perpetual inventory system.)

Apr. 14 High level paid $20,000 cash and replaced the $110,000 remaining balance of the account payable to Ferris Inc. with a 4%, 60-day note payable.

May 21 Borrowed $120,000 from Scotia Bank by signing a 3.5%, 90-day note.

? Paid the note to Ferris Inc. at maturity.

? Paid the note to Scotia Bank at maturity.

Dec.15 Borrowed $95,000 and sign a 4.25%, 120-day note with National Bank.

Dec.31 Recorded an adjusting entry for the accrual of interest on the note National Bank.

2015

? 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.