Question
On May 1, 2022, Cooper Company purchased inventory costing $93,000 by signing an 8%, nine-month, short-term note payable. Cooper will pay the entire note
On May 1, 2022, Cooper Company purchased inventory costing $93,000 by signing an 8%, nine-month, short-term note payable. Cooper 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 November 31, 2022. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Journalize the company's purchase of inventory. May Date 2022 1 Journal Entry Accounts Debit Credit
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Financial Accounting
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
12th edition
134725980, 9780134726656 , 978-0134725987
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