On May 1, 2022, Barber Company purchased inventory costing $87,000 by signing an 8%, nine-month, short-term note payable. Barber will pay the entire note (principal and interest) on the note's maturity date. Journalize the company's (a) purchase of inventory and (b) accrual of interest on the note payable on November 31, 2022. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Journalize the company's purchase of inventory. May Date 2022 1 C Journal Entry Accounts Debit Credit (b) Journalize the company's accrual of interest on the note payable on November 31, 2022. Journal Entry Nov Date 2022 31 Accounts Debit Credit

On May 1, 2022, Barber Company purchased inventory costing $87,000 by signing an 8%, nine-month, short-term note payable. Barber will pay the entire note (principal and interest) on the note's maturity date. Journalize the company's (a) purchase of inventory and (b) accrual of interest on the note payable on November 31, 2022. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Journalize the company's purchase of inventory. May Date 2022 1 C Journal Entry Accounts Debit Credit (b) Journalize the company's accrual of interest on the note payable on November 31, 2022. Journal Entry Nov Date 2022 31 Accounts Debit Credit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 3MC: On July 1, 2019, Aldrich Company purchased as an available-for-sale security 200,000 face value, 9%...

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