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undefined Question Help Lemoyne Sports Authority purchased inventory costing $28,000 by signing a 9%, six-month, short-term note payable. The purchase occurred on February 1, 2018.
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Question Help Lemoyne Sports Authority purchased inventory costing $28,000 by signing a 9%, six-month, short-term note payable. The purchase occurred on February 1, 2018. Lemoyne will pay the entire note (principal and interest) on the note's maturity date of August 1, 2018. Journalize the company's (a) purchase of inventory; and (b) payment of the note plus interest on August 1, 2018. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Joumalize the company's purchase of inventory. Journal Entry Date Accounts Debit Credit 2018 Feb 1 (b) Joumalize the company's payment of the note plus interest on August 1, 2018 Journal Entry Accounts Debit Credit Date 2018 Aug 1 Choose from any list or enter any number in the input fields and then continue to the nextStep by Step Solution
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