Reference no: EM132432209

Question - The following transactions of 5 String Music Company occurred during 2019 and 2020:

2019 -

Mar 3 Purchased a Steinway piano (inventory) for $43,000, signing a six-month, 10% note.

Apr 30 Borrowed $53,000 on a 11% note payable that calls for annual instalment payments of $26,500 principal plus interest. Record the short-term note payable in a separate account from the long-term note payable.

Sept 3 Paid the six-month, 10% note at maturity.

Dec 31 Accrued warranty expense, which is estimated at 4% of sales of $190,000.

Dec 31 Accrued interest on the outstanding note payable.

2020 -

Apr 30 Paid the first instalment plus interest for on year on the outstanding note payable.

Required: Record the general journal entries for 5 String Music.