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Question 2 [30 points] Zcom Inc. entered into the following transactions involving short-term liabilities during 2014 and 2015. + Prepare journal entries to record these
Question 2 [30 points] Zcom Inc. entered into the following transactions involving short-term liabilities during 2014 and 2015. + Prepare journal entries to record these transactions for Zcom Inc. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (i.e., January 15 would be 15/Jan). Round all amounts to the nearest cent. a. June 28 : Signed a $34.000, 12%, 90-day note with Scotia Bank. b. September 9: Zcom Inc, purchased merchandise from Oppong Corporation for $20,000 under credit terms of 2/10,n/90. c. September 10: Borrowed $27,000 from TD Bank by signing a 10%, 90-day note. d. ? The note to Scotia Bank was paid at maturity. e. December 8 : $10,000 cash was paid to Oppong Corporation and the remaining balance of $10,000 was replaced with a 60-day, 10% note. f ? Paid the note to TD Bank at maturity. g. December 31: Recorded an adjusting entry of the accrual of interest on the note to Oppong Corporation h ? : The note to Oppong Corporation was paid at maturity. General Journal Account/Explanation Page Gj1 Credit Date F Debit
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