Question
Butler Sports Authority purchased inventory costing $28,000 by signing a % short-term, one-year nota payable. The purchase occurred on July 31, 2018 Butler pays annual
Butler Sports Authority purchased inventory costing $28,000 by signing a % short-term, one-year nota payable. The purchase occurred on July 31, 2018 Butler pays annual interest each year on July 31 Read the requirements. First, journalize the company's (a) purchase of inventory. (Record debits first, then credits. Exclude explanations from journal entries.) Date 2018 31 Journal Entry Accounts Debit Credit Requirements Next, journalize the company's (b) accrual of interest expense on April 30, 2018, which is the company's fiscal year end. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Joumalize the company's (a) purchase of inventory; (b) accrual of interest expense on April 30, 2019, which is the company's fiscal year-end, and (c) payment of the nate plus interest on July 31, 2019 (Round your answers to the nearest whole number) (d) Show what the company would report for liabilities on its balance sheet at April 30, 2018, and on its income statement for the year ended on that dale Date 2019 30 Accounts Debit Credit Now, journalize the company's (c) payment of the note plus interest on July 31, 2019. (Record debits first, then credits. Exclude explanations from journal entries. Round your answers to the nearest whole number.) Journal Entry Date Accounts Debit Credit 2019 Jul 31 (d) Show what the company would report for liabilities on its balance sheet st April 30, 2019, and on its income statement for the year ended on that date. Begin by showing what the company would report for liabilities on its balance sheet at April 30, 2019. Balance Sheet (partial) on April 30, 2019 Account Amount Choose from any list or enter any number in the input fields and then continue to the next question. Print Done
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