On August 31, 2018, Freemont Co. purchased $18,000 of inventory with a one-year, 8 percent note payable.
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On August 31, 2018, Freemont Co. purchased $18,000 of inventory with a one-year, 8 percent note payable. Journalize the following for the company:
1. Accrual of interest expense on December 31, 2018
2. Payment of the note plus interest on August 31, 2019
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Journal DATE ACCOUNTS POST REF Dr Cr 2018 1 Dec 31 Interest Expe...View the full answer
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