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Consider the following transactions that occurred for Bass Boogey Music Company during 2018 and 2019, and answer the questions below: (Click the icon to
Consider the following transactions that occurred for Bass Boogey Music Company during 2018 and 2019, and answer the questions below: (Click the icon to view the transactions.) 2018 Mar 3 Purchased a piano (inventory) for $55,000, signing a six-month, 8% note payable. May Sep Dec 31 Borrowed $84,000 on a 6% one-year note payable. 3 Paid the six-month, 8% note at maturity. 31 Accrued warranty expense, which is estimated at 2.0% of sales of $198,000. 31 Accrued interest on the outstanding note payable. 2019 May 31 Paid the outstanding note payable at maturity. Mar 3: Purchased a piano (inventory) for $55,000, signing a six-month, 8% note payable. (Record d Mar Date 2018 3 Journal Entry Accounts May 31: Borrowed $84,000 on a 6% one-year note payable. Date 2018 May 31 Journal Entry Accounts Sep 3: Paid the six-month, 8% note at maturity. Date 2018 Sep Debit Credit Debit Credit Journal Entry Accounts Debit Credit Dec 31: Accrued warranty expense, which is estimated at 2.0% of sales of $198,000. Date 2018 Dec 31 Journal Entry Accounts Debit Credit Dec 31: Accrued interest on the outstanding note payable. Date 2018 Dec 31 Journal Entry Accounts Debit Credit May 31: Paid the outstanding note payable at maturity. Date 2019 May 31 Journal Entry Accounts Debit Credit
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