On August 31, 2010, Gordon, Co., purchased ($7,000) of inventory on a one-year, 12% note payable. Reqyiresraersts

Question:

On August 31, 2010, Gordon, Co., purchased $$7,000$ of inventory on a one-year, 12% note payable.
Reqyiresraersts
1. Journalize the company’s accrual of interest expense on February 28, 2011, their fiscal year-end.
2. Journalize the company’s payment of the note plus interest on August 31, 2011.

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