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2012 MAR 3 PURCHASED A PIANO (INVENTORY) FOR 70,000 , SIGNING A SIXMONTH , 8% NOTE PAYABLE MAY 31 BORROWED 70,000 ON A 5% NOTE PAYABLE THAT CALLS FORANNUAL INSTALLMENT PAYMENTS OF 14,000 PRINCIPAL

2012

MAR 3 PURCHASED A PIANO (INVENTORY) FOR 70,000 , SIGNING A SIXMONTH , 8% NOTE PAYABLE

MAY 31 BORROWED 70,000 ON A 5% NOTE PAYABLE THAT CALLS FORANNUAL INSTALLMENT PAYMENTS OF 14,000 PRINCIPAL PLUS INTEREST.RECORD THE SHORT TERM PAYABLE IN A SEPARATE ACCOUNT THAT THE LONGTERM PAYABLE.

SEP 3 PAID THE SIX MONTH, 8% NOTE PAYABLE AT MATURITY

DEC 31 ACCRUED WARRANTY EXPENSE, WHICH IS ESTIMATED AT 2.5% OFSALES OF $193,000

DEC 31 ACCRUED INTEREST ON THE OUTSTADING NOTE PAYABLE

2013

MAY 31 PAID THE FIRST INSTALLMENT AND THE INTEREST FOR ONE YEARON THE OUTSTANDING NOTE PAYABLE

** STATE JOURNAL ENTRIES FOR EVERY TRANSACTION.

 

May 24 2021 View more View Less

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