11:38 AM... a 4G YE 26%E Assignment 2.docx5. Zing Cell Phone Company entered into the following transactionsinvolving current liabilities during 2020 and 2021.21 Purchased merchandise on credit from Ferris Inc.4 for $138,000. The termswere 1/10, n/30 (assume a perpetual inventorysystem).Mar.1 Zing paid $24,000 cash and replaced the4 $114,000 remaining balance of the accountpayable to Feris Inc. with a 5%, 60-day notepayable.2 Borrowed $124,000 from Scotiabank by signing a1 4.5%, 90-day note.? Paid the note to Ferris Inc. at maturity.Paid the note to Scotiabank at maturity.Apr.MayD1 Borrowed $99,000 and signed a 5.25%, 120-dayесnote with National Bank.D3 Recorded an adjusting entry for the accrual ofecinterest on the note to National Bank.1? Paid the note to National Bank at maturity.Required:1. Determine the maturity dates of the three notes just described.6. Okanagan Refrigeration manufactures and markets commercialrefrigeration systems for food trucks and specialized transport trucks. It wasdisclosed in notes to the company's financial statements that estimatedwarranty costs are accrued at the time products are sold. Assume that in 2020warranty costs are estimated at $334,000 and that the related warranty workwas actually paid for during 2021.Required:Prepare journal entry to show the effect on financial statements due towarranties in 2020 and 2021.3/4

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5. Zing Cell Phone Company entered into the following transactions involving current liabilities during 2020 and 2021. 2 1 Purchased merchandise on credit from Ferris Inc. 4 for $138,000. The terms were 1/10, n/30 (assume a perpetual inventory system). M ar. A 1 Zing paid $24,000 cash and replaced the 4 $114,000 remaining balance of the account payable to Ferris Inc. with a 5%, 60-day note payable. pr. M 2 Borrowed $124,000 from Scotiabank by signing a 1 4.5%, 90-day note. ? Paid the note to Ferris Inc. at maturity. ? Paid the note to Scotiabank at maturity. ay 1 Borrowed $99,000 and signed a 5.25%, 120-day 5 note with National Bank. ес 3 Recorded an adjusting entry for the accrual of 1 interest on the note to National Bank. ес 1 ? Paid the note to National Bank at maturity. Required: 1. Determine the maturity dates of the three notes just described. NON 202

5. Zing Cell Phone Company entered into the following transactions involving current liabilities during 2020 and 2021. 2 1 Purchased merchandise on credit from Ferris Inc. 4 for $138,000. The terms were 1/10, n/30 (assume a perpetual inventory system). M ar. A 1 Zing paid $24,000 cash and replaced the 4 $114,000 remaining balance of the account payable to Ferris Inc. with a 5%, 60-day note payable. pr. M 2 Borrowed $124,000 from Scotiabank by signing a 1 4.5%, 90-day note. ? Paid the note to Ferris Inc. at maturity. ? Paid the note to Scotiabank at maturity. ay 1 Borrowed $99,000 and signed a 5.25%, 120-day 5 note with National Bank. ес 3 Recorded an adjusting entry for the accrual of 1 interest on the note to National Bank. ес 1 ? Paid the note to National Bank at maturity. Required: 1. Determine the maturity dates of the three notes just described. NON 202

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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