Question

On February 15, Barbour Industries buys $800,000 of inventory on credit. On March 31, Barbour approaches its supplier because it cannot pay the $800,000. The supplier agrees to roll the amount into a note due on September 30 with 10 percent interest.

Required:
Prepare the necessary journal entries from February 15 through payment on September 30.


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  • CreatedSeptember 22, 2015
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