eztoSavedZing Cell Phone Company entered into the following transactions involving current liabilities during 2020 and 2021.202014 Purchased merchandise on credit from Ferris Inc. for $170,000. The termswere 1/10, n/30 (assume a perpetual inventory system).14 Zing paid $40,000 cash and replaced the $130, 000 remaining balance of the accountpayable to Ferris Inc. with a 6x, 60-day note payable.21 Borrowed $140,000 from Scotiabank by signing 5.5%, 90-day note.? Paid the note to Feris Inc. at maturity.? Paid the note to Scutiabank at maturity.15 Borrowed $115,000 and signed a 6.25%, 120-day note with National Bank.31 Recorded an adjusting entry for the accrual of interest on the note to National Bank.2021? Pald the note to National Bank at maturity.Mar.Apr.02:48.04MayDec.Dec.Required:1. Determine the maturity dates of the three notes just described.Ferris Inc.ScotiabankNational BankMaturity dateJun. 13Aug. 19Apr. 14

Generally maturity date of note payable is calculated as = date of issue + period for which note is…

Zing Cell Phone Company entered into the following transactions involving current liabilities during 2020 and 2021. 2020 14 Purchased merchandise on credit from Ferris Inc. for $170,000. The terms were 1/10, n/30 (assume a perpetual inventory system). 14 Zing paid $40,000 cash and replaced the $130, 000 remaining balance of the account payable to Ferris Inc. with a x, 60-day note payable. 21 Borrowed $140,000 from Scotiabank by signing a 5.5x, 90-day note. ? Paid the note to Ferris Inc. at maturity. 2 Paid the note to Scutiabank at maturity. 15 Borrowed $115,000 and signed a 6.25x, 120-day note with National Bank. 31 Recorded an adjusting entry for the accrual of interest on the note to National Bank. 2021 > Pald the note to National Bank at maturity. Mar. Apr. May Dec. Dec. Required: 1. Determine the maturity dates of the three notes just described. Ferris Inc. Scotiabank National Bank Maturity date Jun 13 Aug 19 Apr. 14

Zing Cell Phone Company entered into the following transactions involving current liabilities during 2020 and 2021. 2020 14 Purchased merchandise on credit from Ferris Inc. for $170,000. The terms were 1/10, n/30 (assume a perpetual inventory system). 14 Zing paid $40,000 cash and replaced the $130, 000 remaining balance of the account payable to Ferris Inc. with a x, 60-day note payable. 21 Borrowed $140,000 from Scotiabank by signing a 5.5x, 90-day note. ? Paid the note to Ferris Inc. at maturity. 2 Paid the note to Scutiabank at maturity. 15 Borrowed $115,000 and signed a 6.25x, 120-day note with National Bank. 31 Recorded an adjusting entry for the accrual of interest on the note to National Bank. 2021 > Pald the note to National Bank at maturity. Mar. Apr. May Dec. Dec. Required: 1. Determine the maturity dates of the three notes just described. Ferris Inc. Scotiabank National Bank Maturity date Jun 13 Aug 19 Apr. 14

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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