Transactions Mar 3, 2021 May 31, 2021 Sep 3, 2021 Dec 31, 2021 Dec 31, 2021 May 31, 2022 Purchased a piano (inventory) for $50,000, signing a six-month, 10% note payable. Borrowed $72,000 on a 5% one-year note payable. Paid the six-month, 10% note at maturity. Accrued warranty expense, which is estimated at 1.5% of sales of $202,000. Accrued interest on the outstanding note payable. Paid the outstanding note payable at maturity. Print Done I X

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following transactions of Soft Sounds Music Company occurred during 2021 and 2022:
(Click the icon to view the transactions.)
Requirement
1. Record the transactions in Soft Sounds' journal. Explanations are not required.
Mar 3, 2021: Purchased a piano (inventory) for $50,000, signing a six-month, 10% note payable. (Record debits first, then credits. Exclude explanations from journal entries.)
Journal Entry
Date
Mar
2021
3
Accounts
Debit
Credit
Transactions
Mar 3, 2021
May 31, 2021
Sep 3, 2021
Dec 31, 2021
Dec 31, 2021
May 31, 2022
Purchased a piano (inventory) for $50,000, signing a six-month, 10% note
payable.
Borrowed $72,000 on a 5% one-year note payable.
Paid the six-month, 10% note at maturity.
Accrued warranty expense, which is estimated at 1.5% of sales of $202,000.
Accrued interest on the outstanding note payable.
Paid the outstanding note payable at maturity.
Print
Done
- X
Transcribed Image Text:The following transactions of Soft Sounds Music Company occurred during 2021 and 2022: (Click the icon to view the transactions.) Requirement 1. Record the transactions in Soft Sounds' journal. Explanations are not required. Mar 3, 2021: Purchased a piano (inventory) for $50,000, signing a six-month, 10% note payable. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date Mar 2021 3 Accounts Debit Credit Transactions Mar 3, 2021 May 31, 2021 Sep 3, 2021 Dec 31, 2021 Dec 31, 2021 May 31, 2022 Purchased a piano (inventory) for $50,000, signing a six-month, 10% note payable. Borrowed $72,000 on a 5% one-year note payable. Paid the six-month, 10% note at maturity. Accrued warranty expense, which is estimated at 1.5% of sales of $202,000. Accrued interest on the outstanding note payable. Paid the outstanding note payable at maturity. Print Done - X
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