Answered step by step
Verified Expert Solution
Question
1 Approved Answer
part A and B Zing Cell Phone Company entered into the following transactions involving current liabilities during 2020 ond 2021 2020 Mar 14 Purchased merchandise
part A and B
Zing Cell Phone Company entered into the following transactions involving current liabilities during 2020 ond 2021 2020 Mar 14 Purchased merchandise on credit from Ferris Inc. for $160.000. The teras were 1/10, 1/30 (assure a perpetual Inventory systea) Apr 14 Zing paid $35.000 cash and replaced the $125.000 remaining balance of the account payable to Ferns Inc. with a 60 day not payable May 21 Borrowed $135,000 fros scotiabank by signing a 5.59, 90day not > Pald the note to Terris Inc, at turity > Paid the note to Scotiabank at saturity Dec. 15 Borrowed $110,00 and signed a 61257, 120.day note with National Bank Dec. 1 Recorded an adjusting entry for the accrual of interest on the note to National Bank 2021 > Paid the note to National Bank at maturity Required: 1. Determine the maturity dates of the three notes just described Farine Scobaan National Bank Naturty Gate 2. Present journal entries for each of the preceding dates. (Use 365 days on year. Do not round intermediate calculations and round the final answers to 2 decimal places.) View transaction list Journal entry worksheet 1 2 3 4 5 Record the purchase of merchandise on credit Notar inte debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started