ks i Saved Problem 10-3A Transactions with current notes payable LO3 Zing Cell Phone Company entered into the following
Posted: Thu May 19, 2022 11:13 am
- Ks I Saved Problem 10 3a Transactions With Current Notes Payable Lo3 Zing Cell Phone Company Entered Into The Following 1 (368.47 KiB) Viewed 48 times
ks i Saved Problem 10-3A Transactions with current notes payable LO3 Zing Cell Phone Company entered into the following transactions involving current liabilities during 2020 and 2021. May 2020 Mar. 14 Purchased merchandise on credit from Ferris Inc. for $140,000. The terms were 1/10, n/30 (assume a perpetual inventory system). Apr. 14 Zing paid $25,000 cash and replaced the $115,000 remaining balance of the account payable to Ferris Inc. with a 4%, 60-day note payable. 21 Borrowed $125,000 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. Dec. 15 Borrowed $100,000 and signed a 4.25%, 120-day note with National Bank. Dec. 31 Recorded an adjusting entry for the accrual of interest on the note to National Bank. 2021 ? Paid the note to National Bank at maturity. Required: