The following transactions of Smooth Sounds Music Company occurred during 2012 and 2013: Requirement 1. Record the
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Requirement
1. Record the transactions in Smooth Sounds journal. Explanations are notrequired.
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2012 Purchased a piano (inventory) for $50,000, signing a six-month, 8% note payable. Borrowed $85,000 on an 8% note payable that calls for annual installment payments of $17,000 principal plus interest. Record the short-term note payable in a separate account from the long-term note payable. Paid the six-month, 8% note at maturity Accrued warranty expense, which is estimated at 2.5% of sales of $196,000 Accrued interest on the outstanding note payable. Mar 3 May 31 Sep 3 Dec 31 31 2013 May 31 Paid the first installment and interest for one year on the outstanding note payable.
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Financial accounting
ISBN: 978-0132751124
9th edition
Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom
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