Question: 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.


View Solution:


Sale on SolutionInn
Sales2
Views139
Comments
  • CreatedJanuary 16, 2015
  • Files Included
Post your question
5000