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Franklin Sports Authority purchased inventory costing $ 24,000 by signing a 10%, six-month, short-term note payable. The purchase occurred on May 1, 2018. Franklin will
Franklin Sports Authority purchased inventory costing $ 24,000 by signing a 10%, six-month, short-term note payable. The purchase occurred on May 1, 2018. Franklin will pay the entire note (principal and interest) on the note's maturity date of November 1, 2018. Journalize the company's (a) purchase of inventory; and (b) payment of the note plus interest on November 1, 2018.
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