The following transactions of Smooth Sounds Music Company occurred during 2018 and 2019:

Requirement

1. Record the transactions in Smooth Sounds’ journal. Explanations are not required.

Transcribed Image Text:

2018 Mar 3 Purchased a piano (inventory) for $65,000, signing a six-month, 8% note payable. Borrowed $105,000 on an 6% one-year note payable. Paid the six-month, 8% note at maturity. Accrued warranty expense, which is estimated at 1.5% of sales of $193,000. Accrued interest on the outstanding note payable. May 31 Sep 3 Dec 31 31 2019 Paid the outstanding note payable at maturity. May 31