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PLEASE HELP The following are selected transactions of Lily Company. Lily prepares financial statements quarterly. Jan. 2 Feb. 1 Purchased merchandise on account from Nunez

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The following are selected transactions of Lily Company. Lily prepares financial statements quarterly. Jan. 2 Feb. 1 Purchased merchandise on account from Nunez Company, $20,000, terms 3/10, n/30. (Lily uses the perpetual inventory system.) Issued a 9%, 2-month, $20,000 note to Nunez in payment of account. Accrued interest for 2 months on Nunez note. Mar. 31 Paid face value and interest on Nunez note. Apr. July 1 Sept. 30 Purchased equipment from Marson Equipment paying $10,000 in cash and signing a 10%, 3-month, $63,600 note. Accrued interest for 3 months on Marson note. Oct. 1 Paid face value and interest on Marson note. Dec. 1 Borrowed $22,800 from the Paola Bank by issuing a 3-month, 8% note with a face value of $22,800. Recognized interest expense for 1 month on Paola Bank note. Dec. 31 Date Account Titles and Explanation Debit Credit Notes Payable Interest Payable

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