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These are selected transactions of Lily Company Lily prepares financial statements quarterly. Jan 2 Feb 1 Mar 31 Apr. 1 Purchased merchandise on account from

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These are selected transactions of Lily Company Lily prepares financial statements quarterly. Jan 2 Feb 1 Mar 31 Apr. 1 Purchased merchandise on account from Nunez Company, $33,000, terms 2/10, 1/30. (Lily uses the perpetual inventory system) Issued a 9%, 2-month, $33,000 note to Nunez in payment of account: Accrued interest for 2 months on Nunez note. Pald face value and interest on Nunez note. Purchased equipment from Marson Equipment paying $10,000 in cash and signing a 10%, 3-month, $50,400 note, Accrued interest for 3 months on Marson note. Pald face value and interest on Marson note. Borrowed $21.600 from the Paola Bank by issuing a 3-month, 8% note with a face value of $21,600, Recognized interest expense for 1 month on Paola Bank note, July 1 Sept. 30 Oct 1 Dec 1 Dec 31 Post to the accounts Notes Payable, Interest Payable, and Interest Expense. (Post entries in the order of jou the previous part.) Notes Payable 4/1 33000 2/1 10/1 50400 7/1 12/1 12/31 21600 Interest Payable ALTA Interest Payable Interest Expense 1000 LUI

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