p 11-24 The following are selected transactions of Blanco Company. Blanco prepares financial statements quarterly. Jan. 2 Feb. 1 Mar. 31 Apr. I July I Sept. 30 I Oct. I Dec. Dec. 31 Purchased merchandise on account from Nunez Company, $30,000, terms 2/10, n/30. (Blanco uses the perpetual inventory system.) Issued a 9%, 2-month, $30,000 note to Nunez in payment of account. Accrued interest for 2 months on Nunez note. Paid face value and interest on Nunez note. Purchased equipment from Marson Equipment paying $11 in cash and signing a 10%, 3-month, $60,000 note. Accrued interest for 3 months on Marson note. Paid face value and interest on Marson note. Borrowed $24,000 from the Paola Bank by issuing a 3-month, 8% note with a face value of $24,000. Recognized interest expense for I month on Paola Bank note.