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Drexle Sports Authority purchased inventory costing $21,000 by signing a 8% short-term note payable. The purchase occurred on June 30, 2014. Journalizing the company's (a)
Drexle Sports Authority purchased inventory costing $21,000 by signing a 8% short-term note payable. The purchase occurred on June 30, 2014. Journalizing the company's (a) purchase of inventory (b) accrual of interest expense on March 31, 2014 which is the year-end. and (c) payment of the note plus interest on June 30, 2014. (Round your answer to the nearest whole number.) (d). show what the company would report on its balance sheet at March 31, 2015, and on its income statement for the year ended on that date.
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