Question
On April 1st 2013 Grimley Sales purchased inventory for $40,000 by signing a one-year note payable, due March 31, 2014. The note bears interest at
On April 1st 2013 Grimley Sales purchased inventory for $40,000 by signing a one-year note payable, due March 31, 2014. The note bears interest at an annual rate of 8%. Grimley Sales uses the perpetual method for recording inventory.
Prepare the required journal entries from April 1, 2013 through March 31, 2014.
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Managerial Accounting
Authors: Ray H Garrison, Alan Webb, Theresa Libby
11th Canadian Edition
1259275817, 978-1259275814
