On August 31, 2012, Edgemont, Co., purchased $14,000 of inventory with a one year, 12% note payable.
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On August 31, 2012, Edgemont, Co., purchased $14,000 of inventory with a one year, 12% note payable. Journalize the following for the company:
1. Accrual of interest expense on December 31, 2012
2. Payment of the note plus interest on August 31, 201 3
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