On December 31 2013 Edgmont purchased 10 000 of merchandise
On December 31, 2013, Edgmont purchased $ 10,000 of merchandise inventory on a one-year, 10% note payable. Edgmont uses a perpetual inventory system.

Requirements
1. Journalize the company’s purchase of merchandise inventory on December 31, 2013.
2. Journalize the company’s accrual of interest expense on June 30, 2014, its fiscal year-end.
3. Journalize the company’s payment of the note plus interest on December 31, 2014.

Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
    Tutors
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
OR
Relevant Tutors available to help