On May 1, 2022, Cooper Company purchased inventory costing $93,000 by signing an 8%, nine-month, short-term...
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On May 1, 2022, Cooper Company purchased inventory costing $93,000 by signing an 8%, nine-month, short-term note payable. Cooper will pay the entire note (principal and interest) on the note's maturity date. Journalize the company's (a) purchase of inventory and (b) accrual of interest on the note payable on November 31, 2022. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Journalize the company's purchase of inventory. May Date 2022 1 Journal Entry Accounts Debit Credit On May 1, 2022, Cooper Company purchased inventory costing $93,000 by signing an 8%, nine-month, short-term note payable. Cooper will pay the entire note (principal and interest) on the note's maturity date. Journalize the company's (a) purchase of inventory and (b) accrual of interest on the note payable on November 31, 2022. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Journalize the company's purchase of inventory. May Date 2022 1 Journal Entry Accounts Debit Credit
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Related Book For
Financial Accounting
ISBN: 978-0134725987
12th edition
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
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