Irwin purchases $7,000 of merchandise from Stamford on December 16, 2005. Stamford accepts Irwins $7,000, 90-day, 12%
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Irwin purchases $7,000 of merchandise from Stamford on December 16, 2005. Stamford accepts Irwin’s $7,000, 90-day, 12% note as payment. Stamford’s accounting period ends on December 3 I, and it does not make reversing entries. Prepare entries for Stamford on December 16, 2005, and December 31,2005. lop5
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