7 Zing Cell Phone Company entered into the following transactions involving current liabilities during 2020 and 2021. Mar. Apr. May Dec. Dec. 2020 14 Purchased merchandise on credit from Ferris Inc. for $148,000. The terms were 1/10, n/30 (assume a perpetual inventory system). 14 Zing paid $29,000 cash and replaced the $119,000 remaining balance of the account payable to Ferris Inc. with a 3%, 60-day note payable. 21 Borrowed $129,000 from Scotiabank by signing a 2.0%, 90-day note. ? Paid the note to Ferris Inc. at maturity. ? Paid the note to Scotiabank at maturity. 15 Borrowed $104,000 and signed a 3.25%, 120-day note with National Bank. 31 Recorded an adjusting entry for the accrual of interest on the note to National Bank. 2021 Required: ? Paid the note to National Bank at maturity. 1. Determine the maturity dates of the three notes just described. Answer is complete and correct. Ferris Inc. Maturity date Jun. 13 Scotiabank Aug. 19 National Bank Apr. 14 2. Present journal entries for each of the preceding dates. (Use 365 days an year. Do not round intermediate calculations and round the final answers to 2 decimal places.) Answer is not complete. No Transaction General Journal Debit Credit 7 1 Transaction General Journal a. Merchandise inventory Debit 148,000.00 Credit Accounts payable - Ferris 148,000.00 2 b. Accounts payable - Ferris Notes payable - Ferris Cash 148,000.00 119,000.00 29,000.00 3 C. Cash 129,000.00 Notes payable - Scotiabank 129,000.00 4 d. Notes payable - Ferris 119,000.00 Interest expense Cash 5 e. Notes payable - Scotiabank 129,000.00 Interest expense Cash 6 f. Cash 104,000.00 Notes payable - National Bank 104,000.00 7 g. Interest expense Interest payable 8 h. Notes payable - National Bank Interest expense Interest payable Cash