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On June 1, 2019, Ronald Company purchased inventory costing $95,000 by signing a 6%, nine-month, short-term note payable. Ronald will pay the entire note (principal
On June 1, 2019, Ronald Company purchased inventory costing $95,000 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 December 31, 2019. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Journalize the company's purchase of inventory. Journal Entry Accounts Date Debit Credit 2019 1 Jun (b) Journalize the company's accrual of interest on the note payable on December 31, 2019. Journal Entry Accounts Date Debit Credit 2019 31 Dec L
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