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Jasper Sports Limited purchased inventory costing $10,000 by signing a 10% short-term note payable. The purchase occurred on March 31, 2017. Jasper pays annual interest
Jasper Sports Limited purchased inventory costing $10,000 by signing a 10% short-term note payable. The purchase occurred on March 31, 2017. Jasper pays annual interest each year on March 31. Journalize Jasper's (a) purchase of inventory, (b) accrual of interest expense on December 31, 2017, and (c) payment of the note plus interest on March 31, 2018 Journalize Jasper's purchase of inventory. (Record debits first, then credits. Explanations are not required. Round your answers to the nearest whole number.) Journal Entry Accounts Debit Credit 2017 Mar 31 Now journalize the accrual of interest expense on December 31, 2017 Journal Entry Accounts Debit Credit 2017 Dec 31 Finally, journalize the payment of the note plus interest on March 31, 2018 Journal Entry Accounts Debit Credit 2018 Mar 31||
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