The following transactions of Harmony Music Company occurred during 2010 and 2011:2010Mar 3…

The following transactions of Harmony Music Company occurred during 2010 and 2011:2010Mar 3 Purchased a piano (inventory) for $70,000, signing a six-month, 4% note payable.May 31 Borrowed $75,000 on a 4% note payable that calls for annual installment payments of $15,000 principal plus interest. Record the short-term note payable in a separate account from the long-term note payable.Sep 3 Paid the six-month, 4% note at maturity.Dec 31 Accrued warranty expense, which is estimated at 3.0% of sales of $190,000.31 Accrued interest on the outstanding note payable.2011May 31 Paid the first installment and interest for one year on the outstanding note payable.Requirement1. Record the transactions in Harmony’s journal. Explanations are not required.View Solution:
The following transactions of Harmony Music Company occurred dur

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