Zing Cell Phone Company entered into the following transactions involving current liabilities during 2023 and 2024: 2023 Mar. 14 Purchased merchandise on credit from Ferris Inc. for $138,000. The terms were 1/10, n/30 (assume a perpetual inventory system). Apr. 14 Zing paid $24,000 cash and replaced the $114,000 remaining balance of the account payable to Ferris Inc. with a 5%, 60-day note payable. 21 Borrowed $124,000 from Scotiabank by signing a 4.5%, 90-day note. ? Paid the note to Ferris Inc. at maturity. ? Dec. 15 May Paid the note to Scotiabank at maturity. Borrowed $99,000 and signed a 5.25%, 120-day note with National Bank. Recorded an adjusting entry for the accrual of interest on the note to National Bank. Dec. 31 2024 ? Paid the note to National Bank at maturity. Required: 1. Determine the maturity dates of the three notes just described. Maturity date Ferris Inc. Scotiabank National Bank

Zing Cell Phone Company entered into the following transactions involving current liabilities during 2023 and 2024: 2023 Mar. 14 Purchased merchandise on credit from Ferris Inc. for $138,000. The terms were 1/10, n/30 (assume a perpetual inventory system). Apr. 14 Zing paid $24,000 cash and replaced the $114,000 remaining balance of the account payable to Ferris Inc. with a 5%, 60-day note payable. 21 Borrowed $124,000 from Scotiabank by signing a 4.5%, 90-day note. ? Paid the note to Ferris Inc. at maturity. ? Dec. 15 May Paid the note to Scotiabank at maturity. Borrowed $99,000 and signed a 5.25%, 120-day note with National Bank. Recorded an adjusting entry for the accrual of interest on the note to National Bank. Dec. 31 2024 ? Paid the note to National Bank at maturity. Required: 1. Determine the maturity dates of the three notes just described. Maturity date Ferris Inc. Scotiabank National Bank

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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