Described below are certain transactions of Metlock Corporation. The company uses the periodic inventory system. 1. 2. 3. 4. On February 2, the corporation purchased goods from Martin Company for $69,500 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26. On April 1, the corporation bought a truck for $50,000 from General Motors Company, paying $3,000 in cash and signing a one-year, 12% note for the balance of the purchase price. On May 1, the corporation borrowed $88,300 from Chicago National Bank by signing a $98,140 zero-interest-bearing note due one year from May 1. On August 1, the board of directors declared a $302,000 cash dividend that was payable on September 10 to stockholders of record on August 31. (a) Your answer has been saved. See score details after the due date. Make all the journal entries necessary to record the transactions above using appropriate dates. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) ate Account Titles and Explanation Debit 2 Purchases Accounts Payable y26 Accounts Payable 68,110 68,110 Purchase Discounts Lost 1,390 Cash Trucks Cash Notes Payable Cash 50,000 88,300 Discount on Notes Payable 9,840 Credit 68,110 69,500 3,000 47,000 Notes Payable Dividend Dividends Payable Dividends Payable Cash 302,000 302,000 98,140 302,000 302,000 Metlock Corporation's year-end is December 31. Assuming that no adjusting entries relative to the transactions above have been recorded, prepare any adjusting journal entries concerning interest that are necessary to present fair financial statements at December 31. Assume straight-line amortization of discounts. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No. Account Titles and Explanation 1. Debit Credit 2. 3. 4.