On August 31, 2012, Edgemont, Co., purchased $14,000 of inventory with a one year, 12% note payable.

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On August 31, 2012, Edgemont, Co., purchased $14,000 of inventory with a one year, 12% note payable. Journalize the following for the company:

1. Accrual of interest expense on December 31, 2012

2. Payment of the note plus interest on August 31, 201 3

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Financial Accounting

ISBN: 978-0133052152

2nd edition

Authors: Robert Kemp, Jeffrey Waybright

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Question Posted: Apr 29, 2014 02:56 AM

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On August 31, 2012, Edgemont, Co., purchased $14,000 of inventory with a one year, 12% note payable.

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Journal DATE ACCOUNTS POST REF Dr Cr 2012 1 Dec 31 Interest Expense 14000 ...View the full answer

Financial Accounting

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