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The following are selected transactions of Blanco Company. Blanco prepares financial statements quarterly. Purchased merchandise on account from Nunez Company, $30,000, terms 2.00/10, n/30. (Blanco

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The following are selected transactions of Blanco Company. Blanco prepares financial statements quarterly. Purchased merchandise on account from Nunez Company, $30,000, terms 2.00/10, n/30. (Blanco uses the perpetual inventory system.) Issued a 9%, 2-month, $30,000 note to Nunez in payment of account. Accrued interest for 2 months on Nunez note. Paid face value and interest on Nunez note. Purchased equipment from Marson Equipment paying $11,000 in cash and signing a 10%, 3-month, $60,000 note. Accrued interest for 3 months on Marson note. Paid face value and interest on Marson note. Borrowed $24,000 from the Paola Bank by issuing a 3-month, 8% note with a face value of $24,000. Recognized interest expense for 1 month on Paola Bank note. Prepare journal entries for the listed transactions and events. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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