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Gordon Sports Authority purchased inventory costing $20,000 by signing a 7%, six-month, short-term note payable. The purchase occurred on April 1, 2018. Gordon will pay
Gordon Sports Authority purchased inventory costing $20,000 by signing a 7%, six-month, short-term note payable. The purchase occurred on April 1, 2018. Gordon will pay the entire note (principal and interest) on the note's maturity date October 1, 2018. Journalize the company's (a) purchase of inventory; and (b) payment of the note plus interest on October 1, 2018. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Journalize the company's purchase of inventory Journal Entry Date Accounts Debit Credit 2018 Apr 1 (b) Journalize the company's payment of the note plus interest on October 1, 2018. Journal Entry Accounts Date Debit Credit 2018 Oct 1
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