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MY INSTRUCTOR FULL The following are selected transactions of Blanco Company. Blanco prepares financial statements quarterly. Jan. 2 Purchased merchandise on account from Nunez Company,
MY INSTRUCTOR FULL The following are selected transactions of Blanco Company. Blanco prepares financial statements quarterly. Jan. 2 Purchased merchandise on account from Nunez Company, $18,000, terms 2/10, n/30(Blanco uses the perpetual inventory system.) Feb. 1 Issued a 9%, 2-month, $18,000 note to Nunez in payment of account. Mar, 31 Accrued interest for 2 months on Nunez note. Apr. 1 Paid face value and interest on Nunez note. July 1 Purchased equipment from Marson Equipment paying $11,000 in cash and signing a 10%, 3-month, $50.400 note. Sept.30 Accrued interest for 3 months on Marson note. Oct. 1 Paid face value and interest on Marson note. Dec. 1 Borrowed $36,000 from the Paola Bank by issuing a 3-month, 8% note with a face value of $36,000. Dec. 31 Recognized interest expense for 1 month on Paola Bank note. Prepare )ournal en nes or the listed transacbons and events. Credit account titles are automatically ndented when amount is entered Do not indent manually. Record ournal entries n the order presented in the pre Date Account Titles and Explanation Debit Credit Apr. 1
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