On June 1, 2022, Franklin Company purchased inventory costing $90,000 by signing an 8%, nine-month, shortterm note
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On June 1, 2022, Franklin Company purchased inventory costing $90,000 by signing an 8%, nine-month, shortterm note payable. Franklin will pay the entire note (principal and interest) on the note’s maturity date. Journalize the company’s (a) Purchase of inventory (b) Accrual of interest on the note payable on December 31, 2022.
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DATE Journal ACCOUNT TITLES AND EXPLANATION 2022 Jun...View the full answer
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