The following transactions of Steel drum Music Company occurred during 2014 and 2015:

2014
Mar	3	Purchased a Steinway piano (inventory) for $42,500, signing a six-month, 66% note.
Apr	30	Borrowed $50,000 on a 17% note payable that calls for annual instalment payments of $25,000 principal plus interest. Record the short-term note payable in a separate account from the long-term note payable.
Sept	3	Paid the six-month, 66% note at maturity.
Dec	31	Accrued warranty expense, which is estimated at 2.5% of sales of $197,000.
	31	Accrued interest on the outstanding note payable.
2015
Apr	30	Paid the first installment plus interest for one year on the outstanding note payable.

Requirement. Record the transactions in Steel drum's journal. (Record debits first, then credits. Explanations are not required.)

Purchased a Steinway piano (inventory) for $42,500, signing a six-month, 66% note.

Journal Entry
Date		Accounts	Debit	Credit
2014
Mar	3

Borrowed $50,000 on a 17% note payable that calls for annual instalment payments of $25,000

principal plus interest. Record the short-term note payable in a separate account from the long-term note payable.

Journal Entry
Date		Accounts	Debit	Credit
2014
Apr	30

Paid the six-month, 66% note at maturity (Hold all decimals for interim calculations. Round your final answer to the nearest whole number.)

Journal Entry
Date		Accounts	Debit	Credit
2014
Sept	3

Accrued warranty expense, which is estimated at 2.5% of sales of $197,000.

Journal Entry
Date		Accounts	Debit	Credit
2014
Dec	31

Accrued interest on the outstanding note payable. (Hold all decimals for interim calculations. Round your final answer to the nearest whole number.)

Journal Entry
Date		Accounts	Debit	Credit
2014
Dec	31

Paid the first installment plus interest for one year on the outstanding note payable. (Hold all decimals for interim calculations. Round your final answer to the nearest whole number.)

Journal Entry
Date		Accounts	Debit	Credit
2014
Apr	30