On December 1, 2025, Ava, Inc. purchased merchandise inventory for $ 200 comma 000 by signing a note payable. The note is for 8 months and bears interest at a rate of 6%. Interest was accrued on December 31, 2025. Record the journal entries for 1) the issuance of the note on December 1, 2025; 2) the accrual of interest on December 31,2025; and 3) the payment of the note at maturity. Include dates for each journal entry.

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1 Journal Entry for the Issuance of the Note on December 1 2025 Date December 1 2025 Note Payable 20... View the full answer