Chapter 10 Liabilities

following are selected transactions of Blanco Company. Blanco prepares financial statements quarterly. The Purchased merchandise on account from Nunez Company, $34,800, terms 3/10, n/30. (Blanco uses the perpetual inventory system) Jan. 2 Feb. 1 Issued a 996, 2-month, Mar. 31 Accrued interest for 2 months on Nunez note, Apr 1 Paid face value and interest on Nunez note. July 1 Purchased equipment from Marson Equipment paying $12,200 in cash and signing a 10%, 3-month, $48,000 $34,800 note to Nunez in payment of account. note. Sept. 30 Accrued interest for 3 months on Marson note. Oct. 1 Paid face value and interest on Marson note. Dec. 1 Borrowed $28,800 from the Paola Bank by issuing a 3-month, 896 note with a face value of $ Dec. 31 Recognized interest expense for 1 month on Paola Bank note. 28,800. est payable, and Interest Expense. (Post entries in the order of journal entries presented in the previous part.) Notes Payable rol he n. eb. ar pr. ept Interest Payable ct. ec. ep Interest Expense Show the balance sheet presentation of notes and interest payable at December 31. Blanco Company Balance Sheet (Partial) What is total interest expense for the year? Total interest Question Attempts: 0 of 1 used Sons, inc or r compans All rights seve