Question
Bingo Bongo Cell Phone Company entered into the following transactions involving current liabilities during 2023 and 2024: 2023 Mar. 14 Purchased merchandise on credit from
Bingo Bongo Cell Phone Company entered into the following transactions involving current liabilities during 2023 and 2024: 2023 Mar. 14 Purchased merchandise on credit from Faris Inc. for $150,000. The terms were 1/10, n/30 (assume a perpetual inventory system). Apr. 14 Bingo Bongo paid $30,000 cash and replaced the $120,000 remaining balance of the account payable to Faris Inc. with a 5%, 60-day note payable. May 21 Borrowed $130,000 from Techbank by signing a 4.5%, 90-day note. ? Paid the note to Faris Inc. at maturity. ? Paid the note to Techbank at maturity. Dec. 15 Borrowed $105,000 and signed a 5.25%, 120-day note with Nation Bank. Dec. 31 Recorded an adjusting entry for the accrual of interest on the note to Nation Bank. 2024 ? Paid the note to Nation Bank at maturity. Required: 1. Determine the maturity dates of the three notes described above. 2. Present journal entries for each of the above dates. (Do not round intermediate calculations and round the final answers to 2 decimal places
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