On

January 1 comma 2019January 1, 2019,

RonaldRonald

Company purchased inventory costing

$ 92 comma 000$92,000

by signing

aa

66%,

nine-month, short-term note payable.

RonaldRonald

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 comma 2019July 31, 2019.

(Record debits first, then credits. Exclude explanations from any journal entries.)

(a) Journalize the company's purchase of inventory.

Journal Entry
Date		Accounts	Debit	Credit
2019
Jan	1

(b) Journalize the company's accrual of interest on the note payable on

July 31 comma 2019July 31, 2019.

On January 1, 2019, Ronald Company purchased inventory costing $92,000 by signing a 6%, nine-month, short-term note payable. Ronald 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 1 Jan [ (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 Cash Interest Expense Interest Payable Inventory Note Payable, Short-Term