Homework:Chapter # 8 HW # 1

Question 4, S8-5 (similar to)

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Part 1

Edgmont

Sports Authority purchased inventory costing

$21,000

by signing

an

8%,

six-month, short-term note payable. The purchase occurred on

January 1, 2018.

Edgmont

will pay the entire note (principal and interest) on the note's maturity date of

July

1,

2018.

Journalize the company's (a) purchase of inventory; and (b) payment of the note plus interest on

July 1, 2018.

(Record debits first, then credits. Exclude explanations from any journal entries.)

(a) Journalize the company's purchase of inventory.

Journal Entry
Date		Accounts	Debit	Credit
2018
Jan	1