CIS333April 3, 2021
M5A2 EMPATHYApril 3, 2021
Here is my problem…I partially answered for March 31, but my question is what would be the long term debt for March 31? Notes payable. Sentry Security Systems purchased $72,000 of office equipment on April 1, 19X3, by signing a three-year, 12% note payable to Sharp, Inc. One-third of the principal, along with interest on the outstanding balance, is payable each April 1 until maturity. (The first payment is due in 19X4.) a. Fill in the following table to reflect Sentry’s liabilities, assuming a March 31 year-end. March 31 19X4 19X5 19X6 Current liabilities $80,640 Current portion of long-term debt 32,640 Interest payable 8,640 Long-term liabilities Long-term debt b. Assuming that interest is properly recorded at the end of each year, present the proper journal entry to record the last payment on April 1, 19X6. Thanks for any help!
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