Ferdie Sports Authority purchased inventory costing $4,000 by signing an 8% short-term note payable. The purchase...
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Ferdie Sports Authority purchased inventory costing $4,000 by signing an 8% short-term note payable. The purchase occurred on September 30, 20X0. Ferdie pays annual interest each year on September 30. Journalize the company's (a) purchase of inventory, (b) accrual of interest expense on June 30, 20X1, which is the year-end, and (c) payment of the note plus interest on September 30, 20X1. (Round your answers to the nearest whole number.) Ferdie Sports Authority purchased inventory costing $4,000 by signing an 8% short-term note payable. The purchase occurred on September 30, 20X0. Ferdie pays annual interest each year on September 30. Journalize the company's (a) purchase of inventory, (b) accrual of interest expense on June 30, 20X1, which is the year-end, and (c) payment of the note plus interest on September 30, 20X1. (Round your answers to the nearest whole number.)
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a Purchase of inventory on September 30 20X0 September 30 20X0 Inventory 4000 Notes Payable 4000 Exp... View the full answer
Related Book For
Financial accounting
ISBN: 978-0136108863
8th Edition
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
Posted Date:
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