On December 1, 2019, Insto Photo Company purchased merchandise, invoice price $21,000, and issued a 6%, 120-day note to Ringo Chemicals Company. Insto uses the calendar year as its fiscal year and uses the perpetual inventory system.

Prepare journal entries on Instos books to record the purchase information, including the adjusting entry at the end of the year and payment of the note at maturity.

Prepare journal entries on Instos books to record the preceding information, including the adjusting entry at the end of the year and payment of the note at maturity.

GENERAL JOURNAL

	DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
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