Question
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
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.
Required:
Prepare the necessary journal entries from February 15 through payment on September 30. If an amount box does not require an entry, leave it blank.
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