Part 2 of the previously attached question! Thank you for helping!Zing Cell Phone Company entered into the following transactions involving current liabilities during 2020 and 2021. 2020 Mar.14Purchased merchandise on credit from Ferris Inc. for $152,000. The termswere 1/10, n/30 (assume a perpetual inventory system).Apr.14Zing paid $31,000 cash and replaced the $121,000 remaining balance of the accountpayable to Ferris Inc. with a 4%, 60-day note payable.May21Borrowed $131,000 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.15Borrowed $106,000 and signed a 4.25%, 120-day note with National Bank.Dec.31Recorded an adjusting entry for the accrual of interest on the note to National Bank. 2021 ?Paid the note to National Bank at maturity.Q: Present journal entries for each of the preceding dates. (Use 365 days a year. Do not round intermediate calculations and round the final answers to 2 decimal places.)1. Record the borrowing of cash with a 90 day against note2. Record the payment of note with interest.3. Record the payment of note with interest.

Solution A journal is the company's official book in which companys records all business transaction…

Answered: Part 2 of the previously attached…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 8PA: Serene Company purchases fountains for its inventory from Kirkland Inc. The following transactions...

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Part 2 of the previously attached question! Thank you for helping!

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 $152,000. The terms were 1/10, n/30 (assume a perpetual inventory system).
Apr.	14	Zing paid $31,000 cash and replaced the $121,000 remaining balance of the account payable to Ferris Inc. with a 4%, 60-day note payable.
May	21	Borrowed $131,000 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 $106,000 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.

Q: Present journal entries for each of the preceding dates. (Use 365 days a year. Do not round intermediate calculations and round the final answers to 2 decimal places.)

1. Record the borrowing of cash with a 90 day against note

2. Record the payment of note with interest.

3. Record the payment of note with interest.

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