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Zing Cell phone company entered into the following transactions involving current liabilities during 2020 and 2021. 1. Determine the maturity dates of the listed notes.
Zing Cell phone company entered into the following transactions involving current liabilities during 2020 and 2021.
2020 a. 14 Purchased merchandise on credit from Ferris Inc. for $166,000. The terms were 1/10, n/30 (assume a perpetual inventory system). . 14 Zing paid $38,000 cash and replaced the $128,000 remaining balance of the account payable to Ferris Inc. with a 4%, 60-day note payable. 21 Borrowed $138,000 from Scotiabank by signing a 3.5%, 90-day note. ? Paid the note to Ferris Inc. at maturity. ? Paid the note to Scotiabank at maturity. c. 15 Borrowed $113,000 and signed a 4.25%, 120-day note with National Bank. 31 Recorded an adjusting entry for the accrual of interest on the note to National Bank. 2021 ? Paid the note to National Bank at maturity. uired Required: 1. Determine the maturity dates of the three notes just described. Ferris Inc. Scotiabank National Bank Maturity date 1. Determine the maturity dates of the listed notes.
2. Record the journal entries for wach of the preceding dates
A) Record the purchase of merchandise on credit
B)Record the payment of cash and a note written to extend due date
C) Record the borrowing of cash with a 90- day against note
D)Record the payment of the note with interest
E) Record the payment of the not with interest
F) Record the borrowing of cash with a 120- day note
G) Record the accured interest on the note payable
H) Record the payment of the note with interest
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