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On May 1 Crawford, Inc. gave a $20,000, 120 day, 12 percent note to Dunston, Inc. in exchange for merchandise. Crawford, uses periodic inventory
On May 1 Crawford, Inc. gave a $20,000, 120 day, 12 percent note to Dunston, Inc. in exchange for merchandise. Crawford, uses periodic inventory procedure. Prepare journal entries to record the issuance of the note and the entries needed at maturity assuming the payment was made at maturity. Assume a 360 day year. GENERAL JOURNAL Date Account/Description POST REF. Debit Credit
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Financial Accounting: A Business Process Approach
Authors: Jane L. Reimers
3rd edition
978-013611539, 136115276, 013611539X, 978-0136115274
