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plz assist & if so plz explain how you received your answer so I can follow along. P8-45A. (Learning Objective 1, 2, 3, 4: Record
plz assist & if so plz explain how you received your answer so I can follow along.
P8-45A. (Learning Objective 1, 2, 3, 4: Record liability-related transactions) The following transactions of Smooth Sounds Music Company occurred during 2018 and 2019: 2018 Mar 3 May 31 Sep 3 Dec 31 Purchased a piano (inventory) for $65,000, signing a six-month, 8% note payable. Borrowed $105,000 on an 6% one-year note payable. Paid the six-month, 8% note at maturity. Accrued warranty expense, which is estimated at 1.5% of sales of $193,000. Accrued interest on the outstanding note payable. 2019 May 31 Paid the outstanding note payable at maturity. Requirement 1. Record the transactions in Smooth Sounds journal. Explanations are not requiredStep by Step Solution
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