Maurice Tutor

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Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Sep 2017 My Price 6.00

Smooth Sounds Music Company

(Learning Objective 1: Recording liability-related transactions) The following transactions of Smooth Sounds Music Company occurred during 20X5 and 20X6:

20X5

Mar. 3

Purchased a Steinway piano (inventory) for $40,000, signing a 6-month, 8% note payable.

Apr. 30

Borrowed $50,000 on a 9% note payable that calls for annual installment payments of $25,000 principal plus interest. Record the short-term note payable in a separate account from the long-term note payable.

Sept. 3

Paid the 6-month, 8% note at maturity.

Dec. 31

Accrued warranty expense, which is estimated at 2% of sales of $190,000.

31

Accrued interest on the outstanding note payable.

20X6

Apr. 30

Paid the first installment plus interest for 1 year on the outstanding note payable.

Required

Record the transactions in Smooth Sounds’ journal. Explanations are not required.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 06:09 PM My Price 6.00

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