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Zing Cell Phone Company entered into the following transactions involving current liabilities during 2020 and 2021. Mar. Apr. May Dec. 2020 14 Purchased merchandise
Zing Cell Phone Company entered into the following transactions involving current liabilities during 2020 and 2021. Mar. Apr. May Dec. 2020 14 Purchased merchandise on credit from Ferris Inc. for $162,000. The terms were 1/10, n/30 (assume a perpetual inventory system). 14 Zing paid $36,000 cash and replaced the $126,000 remaining balance of the account payable to Ferris Inc. with a 58, 60-day note payable. 21 Borrowed $136,000 from Scotiabank by signing a 4.5%, 90-day note. ? Paid the note to Ferris Inc. at maturity. ? Paid the note to Scotiabank at maturity. 15 Borrowed $111,000 and signed a 5.25%, 120-day note with National Bank. Dec. 31 2021 Required: Recorded an adjusting entry for the accrual of interest on the note to National Bank. ? Paid the note to National Bank at maturity. 1. Determine the maturity dates of the three notes just described. Ferris Inc. Scotiabank National Bank Maturity date
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