Hw Score: 0%, 0 of 11pts Score: 0 of 1 pt 9-1 (similar to) Edgmont will pay the

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Hw Score: 0%, 0 of 11pts Score: 0 of 1 pt 9-1 (similar to) Edgmont will pay the entire note (principal and interest) on the note's maturity date of September 1, 2016. Joumalize the company's (a) purchase of inventory, and (b) payment of the note plus interest on September 1, 2016. (Record debits first, then credits. Exclude explanations from any journal entries) (a) Journalize the company's purchase of inventory Debit 2016 Mar Choose from any list or enter any number in the input flelds and then click Check Answer 1 part Clear All

Explanation / Answer

Journal Entries :

Date Accounts Titles and explanation Debit $ Credit $ Mar 1 2016 Inventory 21000 Note Payable 21000 (being purchase of inventory against note issuance.) Sep 1 2016 Note Payable 21000 Interest expense 945 Cash 21945 (being interest (21000*9%*1/2=$945) alongwith principle paid

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