Blanco Company The following are selected transactions of Blanco Company. Blanco prepares financial.


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Blanco Company The following are selected transactions of Blanco Company. Blanco prepares financial. 1 answer below » Blanco Company The following are selected transactions of Blanco Company. Blanco prepares financial statements quarterly. Jan. 2 Purchased merchandise on account from Nunez Company, $34,800, terms 2/10, n/30. Feb. 1 Issued a 9%, 2-month, $34,800 note to Nunez Company in payment of account. Mar. 31 accrued interest for 2 months on Nunez note. Apr. 1 Paid face value and interest on Nunez note. July 1 Purchased equipment from Korsak Equipment paying $12,510 in cash and signing a 10%, 3-month, $63,600 note. Sept. 30 accrued interest for 3 months on Korsak note. Oct. 1 Paid face value and View complete question » Blanco Company The following are selected transactions of Blanco Company. Blanco prepares financial statements quarterly. Jan. 2 Purchased merchandise on account from Nunez Company, $34,800, terms 2/10, n/30. Feb. 1 Issued a 9%, 2-month, $34,800 note to Nunez Company in payment of account. Mar. 31 accrued interest for 2 months on Nunez note. Apr. 1 Paid face value and interest on Nunez note. July 1 Purchased equipment from Korsak Equipment paying $12,510 in cash and signing a 10%, 3-month, $63,600 note. Sept. 30 accrued interest for 3 months on Korsak note. Oct. 1 Paid face value and interest on Korsak note. Dec. 1 borrowed $20,400 from the Otago Bank by issuing a 3-month, 8% interest-bearing note with a face value of $20,400. Dec. 31 Recognized interest expense for 1 month on Otago Bank note. Hint: Journalize and post note transactions; show balance sheet presentation. (SO 2) Instructions (a) Prepare journal entries for the above transactions and events. (b) Post to the accounts Notes Payable, Interest Payable, and Interest Expense. (c) Show the balance sheet presentation of notes and interest payable at December 31. (d) What is total interest expense for the year? View less » Jan 14 2016 01:49 AM

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