chapter 10 liabilities

*Problem 10-2A The following are selected transactions of Blanco Company. Blanco prepares financial statements quarterly se on account from Nunez Company, $34,800, terms 3/10, n/30. (Blanco uses the perpetual inventory system.) 1 Issued a 9%, 2-mont Feb. Mar. 31 Accrued interest for 2 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 0% 3 month $48,000 e to Nunez in payment of account. unez note. 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 i Dec. 31 Recognized interest expense for 1 month on Paola Bank note. ssuing a 3-month, 8% note with a face value of S28.800 Prepare journal entries for the listed transactions and events. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Apr. 1 Oct. 1 usi 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 inc or eld companies All nights reerve