Zing Cell Phone Company entered into the following transactions involving current liabilities during 2017 and 2018.

	2017
Mar.	14	Purchased merchandise on credit from Ferris Inc. for $162,000. The terms were 1/10, n/30 (assume a perpetual inventory system).
Apr.	14	Zing paid $36,000 cash and replaced the $126,000 remaining balance of the account payable to Ferris Inc. with a 5%, 60-day note payable.
May	21	Borrowed $136,000 from Scotia Bank by signing a 4.5%, 90-day note.
	?	Paid the note to Ferris Inc. at maturity.
	?	Paid the note to Scotia Bank at maturity.
Dec.	15	Borrowed $111,000 and signed a 5.25%, 120-day note with National Bank.
Dec.	31	Recorded an adjusting entry for the accrual of interest on the note to National Bank.
	2018
	?	Paid the note to National Bank at maturity.

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

	Ferris Inc.	Scotia Bank	National Bank
Maturity date

2. Present journal entries for each of the preceding dates. (Use 365 days an year. Round your answers to 2 decimal places.)

1.Record the purchase of merchandise on credit.

2.Record the payment of cash and a note written to exchange due date.

3.Record the borrowing of cash with a 90-day against note.

4.Record the payment of note with interest.

5.Record the payment of note with interest.

6.Record the borrowing of cash with a 120-day note.

7.Record the accrued interest on note payable.

8.Record the payment of note with interest.

Answer rating: 100% (QA)

Maturity dates Ferris 13Jun scotia bank 19Aug National ban... View the full answer