Irwin purchases $7,000 of merchandise from Stamford on December 16, 2007. Stamford accepts Irwins $7,000, 90-day, 12%

Question:

Irwin purchases $7,000 of merchandise from Stamford on December 16, 2007. Stamford accepts Irwin’s $7,000, 90-day, 12% note as payment. Stamford’s accounting period ends on December 31, and it does not make reversing entries. Prepare entries for Stamford on December 16, 2007, and December 31, 2007.

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