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Transactions with current notes payable LO3 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 $150,000. The terms were 1/10, n/30 (assume a perpetual inventory system). Apr. 14 Zing paid $30,000 cash and replaced the $120,000 remaining balance of the account payable to Ferris Inc. with a 5%, 60-day note payable. May 21 Borrowed $130,000 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. Dec. 15 Borrowed $105,000 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 ? Paid the note to National Bank at maturity.
Required
Problem 1. Determine the maturity dates of the three notes just described.
Problem 2. Present journal entries for each of the preceding dates.
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