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On January 1, 2019, Krank Company purchased Inventory costing $93.000 by signing a 6%, nine-month, short-term note payable. Krank will pay the entire note (principal
On January 1, 2019, Krank Company purchased Inventory costing $93.000 by signing a 6%, nine-month, short-term note payable. Krank will pay the entire note (principal and interest) on the note's maturity date. Journalize the company's (a) purchase of inventory; and (b) accrual of interest on the note payable on July 31, 2019. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Journalize the company's purchase of inventory. Journal Entry Accounts Debit Credit Date 2019 Jan 1 (b) Journalize the company's accrual of interest on the note payable on July 31, 2019. Journal Entry Accounts Debit Credit Date 2019 31 Jul
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