Question: On December 1 , 2 0 1 9 , Insto Photo Company purchased merchandise, invoice price $ 3 2 , 0 0 0 , and

On December 1,2019, Insto Photo Company purchased merchandise, invoice price $32,000, and issued a 6%,120-day note to Ringo Chemicals Company. Insto uses the calendar year as its fiscal year and uses the perpetual inventory system.

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