Franklin Sports Authority purchased inventory costing $5,000 by signing an 8% short-term note payable. The purchase occurred
Question:
Journalize the company’s
(a) Purchase of inventory
(b) Accrual of interest expense on June 30, 2011, which is the year-end
(c) Payment of the note plus interest on September 30, 2011.
(Round your answers to the nearest whole number.)
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Journal DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT 2010 Sept 30 Inventory ...View the full answer
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Related Book For 
Financial accounting
ISBN: 978-0136108863
8th Edition
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
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