P8-49B. (Learning Objectives 1, 2, 3, 4: Record liability-related transactions) The following transactions of Melody...
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P8-49B. (Learning Objectives 1, 2, 3, 4: Record liability-related transactions) The following transactions of Melody Music Company occurred during 2018 and 2019: 2018 Purchased a piano (inventory) for $45,000, signing a six-month, 10% note payable. Borrowed $100,000 on a 5% one-year note payable. Paid the six-month, 10% note at maturity. Accrued warranty expense, which is estimated at 2% of sales of $202,000. Mar 3 May 31 Sep 3 Dec 31 1 Accrued interest on the outstanding note payable. 2019 May 31 Paid the outstanding note payable at maturity. Requirement 1. Record the transactions in Melody Music Company's journal. Explanations are not required
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