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On December 31, 2023, Lemoyne purchased $15,000 of merchandise inventory on a one-year, 11% note payable. Lemoyne uses a perpetual inventory system. Read the requirements.
On December 31, 2023, Lemoyne purchased $15,000 of merchandise inventory on a one-year, 11% note payable. Lemoyne uses a perpetual inventory system. Read the requirements. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Requirement 1. Journalize the company's purchase of merchandise inventory on December 31, 2023. Date 2023 Dec. 31 Accounts and Explanation Debit Credit Requirement 2. Journalize the company's accrual of interest expense on June 30, 2024, its fiscal year-end. Date 2024 Jun. 30 Accounts and Explanation Debit Credit Requirement 3. Journalize the company's payment of the note plus interest on December 31, 2024. (Prepare a single compound entry for this transaction.) Date 2024 Dec. 31 Accounts and Explanation Debit Credit 1. Journalize the company's purchase of merchandise inventory on December 31, 2023. 2. Journalize the company's accrual of interest expense on June 30, 2024, its fiscal year-end. 3. Journalize the company's payment of the note plus interest on December 31, 2024
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