S9-1 (similar to) Question Help Drexle Sports Authority purchased Inventory costing $25,000 by signing a 8% short-term note payable. The purchase ocurred on August 31, 2014. Drexde pays annual interest each year on August 31. Joumalize the company's (a) purchase of inventory: (b) accrual of interest expense on May 31, 2015, which is the year-end, and (c) payment of the note plus interest on August 31, 2015. (Round your answers to the nearest whole number.) (d) Show what the company would report on its balance sheet at May 31, 2015, and on its income statement for the year ended on that date. (Record debts first, then credits. Exclude explanations from any joumal entries) Debat Credit (a) Joumalize the company's purchase of inventory Journal Entry Date Accounts 2014 August 31 Cash Interest Expense Interest Payable Inventory Note Payable, Short-Term UMUIY CUJUNG J2J,000 UY by my o% short-term note payable. The purchase occurred company's (a) purchase of inventory: (b) accrual of interest expense on May 31, 2015, which is the year-end; and (c) payment number.) (d) Show what the company would report on its balance sheet at May 31, 2015, and on its income statement for the ye journal entries.) (a) Journalize the company's purchase of inventory. Journal Entry Date Accounts Debit Credit 2014 August 31 Cash Interest Expense Interest Payable Inventory Note Payable, Short-Term Drexle Sports Authority purchased inventory costing $25,000 by signing a 8% short-term note payable. The purchase occurred on Aug company's (a) purchase of inventory: (b) accrual of interest expense on May 31, 2015, which is the year-end; and (c) payment of the ne number.) (d) Show what the company would report on its balance sheet at May 31, 2015, and on its income statement for the year end- journal entries.) (a) Joumalize the company's purchase of inventory. Journal Entry Date Accounts Debit Credit 2014 August 31 Cash Interest Expense Interest Payable Inventory Note Payable, Short-Term Choose from any list or enter any number in the input fields and then click Check Answer. 4 parts remaining Clear All w]x] P9 O 59-1 (similar to) Question Help Drexde Sports Authority purchased inventory costing $25,000 by signing a 8% short-term note payable. The purchase occurred on August 31, 2014. Drexle paysannual interest each year on August 31. Journalize the company's (a) purchase of inventory: (b) coral of Interest expense on May 31, 2015, which is the year-end, and (c) payment of the note plus interest on August 31, 2015. (Round your answers to the newest whole number) (d) Show what the company would report on its balance sheet on May 31, 2015, and on its come statement for the year ended on that date(Record debts first, the credits. Exclude explanations from any joumal entries) (a) Journalize the company's purchase of inventory Journal Entry Date Accounts Debit Credit 2014 August 31 Cash Interest Expense Interest Payable Inventory Choose from any lis Note Payable, Short-Term 1 then click Check Answer Check