Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Problem 10-3A Transactions with current notes payable LO3 Zing Cell Phone Company entered into the following transactions involving current liabilities during 2020 and 2021.
Problem 10-3A Transactions with current notes payable LO3 Zing Cell Phone Company entered into the following transactions involving current liabilities during 2020 and 2021. 2020 Mar. 14 Purchased merchandise on credit from Ferris Inc. for $138,000. The terms Apr. May Dec. were 1/10, n/30 (assume a perpetual inventory system). 14 Zing paid $24,000 cash and replaced the $114,000 remaining balance of the account payable to Ferris Inc. with a 5%, 60-day note payable. 21 Borrowed $124,000 from Scotiabank by signing a 4.5%, 90-day note. ?Paid the note to Ferris Inc. at maturity. Paid the note to Scotiabank at maturity. 15 Borrowed $99,000 and signed a 5.25%, 120-day note with National Bank. Dec. 31 Recorded an adjusting entry for the accrual of interest on the note to National Bank.. 2021 Required: ?Paid the note to National Bank at maturity. 1. Determine the maturity dates of the three notes just described. Ferris Inc. Scotiabank National Bank Maturity date
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