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I am stuck on the last journal entry, for the payment of the outstanding note payable. can you review the others though The following transactions
I am stuck on the last journal entry, for the payment of the outstanding note payable. can you review the others though
The following transactions of Bass Boogey Music Company occurred during 2018 and 2019 (Click the icon to view the transactions.) Requirement 1. Record the transactions in Bass Boogey' journal. Explanations are not required Mar 3: Purchased a piano inventory for $60,000, signing a six-month, 8% note payable. Record debits first, then credits. Exclude explanations from journal entries. Journal Entry Date Accounts Debit Credit 2018 Mar 3 Inventory 60000 Notes Payable, Short-Term 60000 May 31: Borrowed $108,000 on a 5% one-year note payable Journal Entry Date Accounts Debit Credit 2018 May 31 Cash 108000 Notes Payable, Long-Term 108000 Sep 3: Paid the six-month, 8% note at maturity Journal Entry Date Accounts Debit Credit 2018 Sep 3 Notes Payable, Short-Term 60000 Interest Expense 2400 Cash 62400 Dec 31: Accrued warranty expense, which is estimated at 3.5% of sales of $191,000 Journal Entry Date Accounts Debit Credit 2018 Dec 31 Warranty Expense 6685 Accrued Warranty Payable 6685 Dec 31: Accrued interest on the outstanding note payable Journal Entry Date Accounts Debit Credit 2018 31 Interest Expense Interest Payable Dec 3150 3150 May 31: Paid the outstanding note payable at maturity Journal Entry Date Accounts Debit Credit 2019 May 31 Notes Payable, Long-Term 108000 Interest Payable 3150 hoose from any list or enter any number in the input fields and then continue to the next question ay 31: Paid the outstanding note payable at maturity. 2018 Mar Journal Entry 3 Purchased a piano (inventory) for $60,000, signing a six-month, 8% note ate Accounts Debit Credit payable 31 Borrowed $108,000 on a 5% one-year note payable May31 Sep 2019 108000 3150 3 Paid the six-month, 8% note at maturity 31 Accrued warranty expense, which is estimated at 3 5% of sales of$191,000. 31 Accrued interest on the outstanding note payable. May 1 Notes Payable, Long-Term Dec Interest Payable Interest Expense Cash 2019 May 31 Paid the outstanding note payable at maturity oose from any list or enter any number in the input fields and then continue to the next question. Print DoneStep by Step Solution
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