Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Zing cell phone company entered into the following transactions involving current liabilities during 2020 & 2021. 32 Question 12 - Chapter 10 AS X heducation.com/ext/maindex.html?con

Zing cell phone company entered into the following transactions involving current liabilities during 2020 & 2021.
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
32 Question 12 - Chapter 10 AS X heducation.com/ext/maindex.html?con condemnal browokelaunchin=https253A nowoanneclmheducation.com 252 Assignment Saved 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 $162,000. The terms were 1/10, 1/30 (assume a perpetual inventory system) Apr. 14 Zing paid $36,000 cash and replaced the $126,000 remaining balance of the account payable to Ferris Inc. with a 5*, 60-day note payable. May 21 Borrowed $136,000 from Scotiabank by signing a 4.56, 90-day note. 7 Paid the note to Ferris Inc. at maturity. 2. Paid the note to Scotiabank at maturity. 15 Borrowed $111,000 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 7 Paid the note to National Bank at maturity. Dec. Required: 1. Determine the maturity dates of the three notes just described. Ferris Inc. Jun. 13 Maturty date Scotiabank Aug. 19 National Bank (Apr. 14 View transaction list Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

I Love My Awesome Auditor

Authors: Lovely Hearts Publishing

1st Edition

1794298169, 978-1794298163

More Books

Students also viewed these Accounting questions

Question

6. Identify seven types of hidden histories.

Answered: 1 week ago

Question

What is human nature?

Answered: 1 week ago