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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 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 Cash Estimated Warranty Payable Interest Expense Now journalize th Interest Payable Inventory Note Payable, Short-Term 2017 Short-Term Investment 1, 2017 Debit | Credit
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