Jamison Sports Authority purchased inventory costing $25,000 by signing a 12%, six-month, short-term note payable. The purchase
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Jamison Sports Authority purchased inventory costing $25,000 by signing a 12%, six-month, short-term note payable. The purchase occurred on January 1, 2021. Jamison will pay the entire note (principal and interest) on the note’s maturity date of July 1, 2021. Journalize the company’s (a) Purchase of inventory (b) Payment of the note plus interest on July 1, 2021.
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DATE Journal ACCOUNT TITLES AND EXPLANATION 2021 Jan 1 I...View the full answer
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