Learning Objective 1, 2, 3, 4: Record liability-related transactions) The followingtransactions of Smooth Sounds Music Company occurred during 2018 and 2019:2018Mar 3 Purchased a piano (inventory) for $65,000, signing a six-month, 8%note payable.May 31 Borrowed $105,000 on an 6% one-year note payable.Sep 3 Paid the six-month, 8% note at maturity.Dec 31 Accrued warranty expense, which is estimated at 1.5% of sales of $193,000.31 Accrued interest on the outstanding note payable.2019May 31 Paid the outstanding note payable at maturity.Requirement1. Record the transactions in Smooth Sounds’ journal. Explanations are not required

Question

Learning Objective 1, 2, 3, 4: Record liability-related transactions) The following
transactions of Smooth Sounds Music Company occurred during 2018 and 2019:
2018
Mar 3 Purchased a piano (inventory) for $65,000, signing a six-month, 8%
note payable.
May 31 Borrowed $105,000 on an 6% one-year note payable.
Sep 3 Paid the six-month, 8% note at maturity.
Dec 31 Accrued warranty expense, which is estimated at 1.5% of sales of $193,000.
31 Accrued interest on the outstanding note payable.
2019
May 31 Paid the outstanding note payable at maturity.
Requirement
1. Record the transactions in Smooth Sounds’ journal. Explanations are not required

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Journal and Ledger Balance

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