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The following transactions of Xylophone Music Company occurred during 2020 and 2021: TRANSACTIONS 2020 Mar....

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The following transactions of Xylophone Music Company occurred during 2020 and 2021: TRANSACTIONS 2020 Mar. Purchased a Steinway piano (inventory) for 3$42,500, signing a six-month, 14% note. Borrowed $50,500 on a 17% note payable that Apr. calls for annual instalment payments of $25,250 30 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, 14% note at maturity. Dec. Accrued warranty expense, which is estimated at 313.5% of sales of $192,000. Dec. Accrued interest on the outstanding note 31 payable. 2021

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