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At January 1 , 2 0 2 4 , Skysong Merchants had a balance in the Interest Payable account for several notes it had signed

At January 1,2024, Skysong Merchants had a balance in the Interest Payable account for several notes it had signed and given to suppliers in exchange for outstanding accounts payable. The following table contains the details of the notes payable and the balance of the interest accrued on each note as at the end of the last fiscal year, December 31,2023. All notes require that the interest be paid at the maturity of the note. All notes and interest were paid on time. Skysong prepares adjusting entries at the end of its calendar fiscal year. Additional transactions of 2024 were: Mar. 1 Signed a 10,800, one-year, 8Current Attempt in Progress
At January 1,2024, Shamrock Merchants had a balance in the Interest Payable account for several notes it had sig
and given to suppliers in exchange for outstanding accounts payable. The following table contains the details of th
notes payable and the balance of the interest accrued on each note as at the end of the last fiscal year, December 3
All notes require that the interest be paid at the maturity of the note. All notes and interest were paid on time.
Shamrock prepares adjusting entries at the end of its calendar fiscal year.
Additional transactions of 2024 were:
Mar. 1
Signed a $11,400, one-year, 6% note to Lalonde Ltd. in settlement of an accounts payable. Interest is
due at maturity.
Oct. Signed a $5,100, three-month, 4.5% note to Hanover Ltd. in settlement of an accounts payable. Intere
30 is due at maturity.
Nov.
30
Borrowed from RBC $11,100 cash in exchange for a two-year, 7% note with interest due atmaturitv
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