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Lemoyne Sports Authority purchased inventory costing $23,000 by signing an 8%, six-month, short-term note payable. The purchase occurred on January 1 , 2021 . Lemoyne
Lemoyne Sports Authority purchased inventory costing $23,000 by signing an 8%, six-month, short-term note payable. The purchase occurred on January 1 , 2021 . Lemoyne will pay the entire note (principal and interest) on the note's maturity date of July 1, 2021. Journalize the company's (a) purchase of inventory; and (b) payment of the note plus interest on July 1, 2021. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Journalize the company's purchase of inventory
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