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Please help with accounting! On December 31, 2023, Edgmont purchased $9,000 of merchandise inventory on a one-year, 12% note payable. Edgmont uses a perpetual inventory
Please help with accounting!
On December 31, 2023, Edgmont purchased $9,000 of merchandise inventory on a one-year, 12% note payable. Edgmont uses a perpetual inventory system. Read the requirements. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Requirement 1. Journalize the company's purchase of merchandise inventory on December 31, 2023. Requirements Date 2023 Dec. 31 Requiremc Date 2024 Jun. 30 Accounts and Explanation Purchased merchandise inventory for cash. Purchased merchandise inventory in exchange for one-year note. Purchased merchandise inventory on account. Debit Credit Credit 1. 2. 3. Journalize the company's purchase of merchandise inventory on December 31 , 2023. Journalize the company's accrual of interest expense on June 30, 2024, its fiscal year-end. Journalize the company's payment of the note plus interest on December 31 , 2024. print Done Requirement 3. Journalize the company's payment of the note plus interest on December 31 , 2024. (Prepare a single compound entry for this transaction.) Date Accounts and Explanation Credit Debit
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