Question: prepare the journal entry to record teh payment made when the note is due on may 1. Current Attempt in Progress Concord Limited, which uses

prepare the journal entry to record teh payment made when the note is due on may 1.

Current Attempt in Progress Concord Limited, which uses a perpetual inventory system, purchased inventory costing $14,800 on February 1 by issuing a 3-month note payable bearing interest at 6%, with interest and principal due on May 1. The company's year end is on March 31 and the company records adjusting entries only at that time

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