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Zing Cell Phone Company entered into the following transactions involving current liabilities during 2017 and 2018. 2017 Mar. 14 Purchased merchandise on credit from Ferris
Zing Cell Phone Company entered into the following transactions involving current liabilities during 2017 and 2018. 2017 Mar. 14 Purchased merchandise on credit from Ferris Inc. for $156,000. The terms were 1/10, n/30 Apr. 14 Zing paid $33,000 cash and replaced the $123,000 remaining balance of the account payable May 21 Borrowed $133,000 from Scotia Bank by signing a 4.5%, 90-day note. (assume a perpetual inventory system). to Ferris Inc. with a 5%, 60-day note payable. ? Paid the note to Ferris Inc. at maturity ? Paid the note to Scotia Bank at maturity. Dec. Dec. 15 Borrowed $108,000 and signed a 5.25%, 120-day note with National Bank. 31 Recorded an adjusting entry for the accrual of interest on the note to National Bank. 2018 ? Paid the note to National Bank at maturity. Required: 1. Determine the maturity dates of the three notes just described. Ferris Inc. Scotia Bank National Bank Maturity date 2. Present journal entries for each of the preceding dates. (Use 365 days an year. Round your answers to 2 decimal places.) View transaction list Kecora tne purcnase or mercnanaise on creait 2 Record the payment of cash and a note written to exchange due date. 3 Record the borrowing of cash with a 90-day against note 4 Record the payment of note with interest. 5 Record the payment of note with interest. 6 Record the borrowing of cash with a 120-day note. 7 Record the accrued interest on note payable. 8 Record the payment of note with interest. Credit Note-journal entry has been enterec Record entry Clear entry View general journal
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