Record the transactions in Smooth Note’s journal. 2012 Mar 3 Purchased a piano (inventory) for $30,000, signing a six-month, 4% note payable. May 31 Borrowed $70,000 on a 6% note payable that calls for annual installment payments of $14,000 principal plus interest. Record the short-term note payable in a separate account from the long-term note payable Sep 3 Paid the six-moth, 4% note at maturity Dec 31 Accrued warranty expense, which is estimated at 3.0% of sales of $196,000 Dec 31 Accrued interest on the outstanding note payable 2013 May 31 Paid the first installment and interest for one year on the outstanding note payable
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