Refer to the data in Starter 11 1 Show what Mission Corp reports for the note payable and related interest payable on its balance sheet at December 31, 2016, and on its income statement for the year ended on that date Starter 11 1 On July 31, 2016, Mission Corp purchased $32,000 of inventory on a o...

Mission Corp Balance Sheet partial December 31 20 ...

Refer to the data in Starter 11-1. Show what Mission Corp. reports for the note payable and

Question:

Refer to the data in Starter 11-1. Show what Mission Corp. reports for the note payable and related interest payable on its at December 31, 2016, and on its income statement for the year ended on that date.
Starter 11-1
On July 31, 2016, Mission Corp. purchased $32,000 of inventory on a one-year, 6-percent note payable. Journalize the company's (a) accrual of interest expense on December 31, 2016, and (b) payment of the note plus interest on July 31, 2017.
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...