Reference no: EM133186348
Question - The following transactions of Smooth Sounds Music Company occurred during 2020 and 2021:
2020
Mar 3 Purchased a Steinway piano (inventory) for $40,000, signing a six-month, 5% note.
Apr 30 Borrowed $50,000 0n a 9% note payable that calls for annual installment payments of $25,000 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, 5% note at maturity
Dec 31 Accrued warranty expense, which is estimated at 2% of sales of $190,000
31 Accrued interest on the outstanding note payable
2021
Apr 30 Paid the first installment plus interest for one year on the outstanding note payable.
Required - Record the transaction in Smooth Sounds journal. Explanations are not required.
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