Do not give answer in image The current liabilities section of the December 31, 2023, balance sheet of Blossom Company included notes payable of $26,000 andinterest payable of $780. The note payable was issued to Tanner Company on June 30, 2023. Interest of 6% is payable at maturity,March 31, 2024.The following selected transactions occurred in the year ended December 31, 2024:Jan. 1231Feb. 29Mar. 3131Apr. 30Aug. 1Sept. 30Dec. 31Purchased merchandise on account from McCoy Company for $49,200, terms n/30. Blossom uses a perpetualinventory system.Issued a $49,200, three-month, 6% note to McCoy Company in payment of its account. Interest is payable monthly.Paid interest on the McCoy note (see January 31 transaction).Paid the Tanner note, plus interest.Paid interest on the McCoy note (see January 31 transaction).Paid the McCoy note, plus one month's interest (see January 31 transaction).Purchased equipment from Drouin Equipment by paying $23,000 cash and signing a $42,000, 10-month, 8% note.Interest is payable at maturity.Borrowed $172,000 cash from the First Interprovincial Bank by signing a 10-year, 6% note payable. Interest ispayable quarterly on December 31, March 31, June 30, and September 30. Of the principal, $17,200 must be paideach September 30.Paid interest on the First Interprovincial Bank note (see September 30 transaction). -kShow the balance sheet presentation of notes payable and interest payable at December 31, 2024.Current LiabilitiesNotes PayableInterest PayableCurrent Portion of Notes PayableTotal Current LiabilitiesLong-Term Liabilities(Partial) Income StatementNotes PayableLess :BLOSSOM COMPANY(Partial) Balance SheetDecember 31, 2024$LAV$

Partial Income Statement and Partial Balance Sheet which show the effect of transaction Like Notes…

The current liabilities section of the December 31, 2023, balance sheet of Blossom Company included notes payable o interest payable of $780. The note payable was issued to Tanner Company on June 30, 2023. Interest of 6% is payable March 31, 2024. The following selected transactions occurred in the year ended December 31, 2024: Jan. 12 31 Feb. 29 Mar. 31 Purchased merchandise on account from McCoy Company for $49,200, terms n/30. Blossom uses a pe inventory system. Issued a $49,200, three-month, 6% note to McCoy Company in payment of its account. Interest is paya Paid interest on the McCoy note (see January 31 transaction). Paid the Tanner note, plus interest.

The current liabilities section of the December 31, 2023, balance sheet of Blossom Company included notes payable o interest payable of $780. The note payable was issued to Tanner Company on June 30, 2023. Interest of 6% is payable March 31, 2024. The following selected transactions occurred in the year ended December 31, 2024: Jan. 12 31 Feb. 29 Mar. 31 Purchased merchandise on account from McCoy Company for $49,200, terms n/30. Blossom uses a pe inventory system. Issued a $49,200, three-month, 6% note to McCoy Company in payment of its account. Interest is paya Paid interest on the McCoy note (see January 31 transaction). Paid the Tanner note, plus interest.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 5PA: Volunteer Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July...

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