Accounts and Notes Payable}

On February 15, Barbour Industries buys \(\$ 800,000\) of inventory on credit. On March 31, Barbour approaches its supplier because it cannot pay the \(\$ 800,000\). The supplier agrees to roll the amount into a note due on September 30 with \(10 \%\) interest.

\section*{Required:}

Prepare the necessary journal entries from February 15 through payment on September 30.

\section*{OBJECTIVE \\ Brief Exercise