Homework Answers
| Date | Account Titles and Explanation | Debit | Credit | |
| 1 | December 31, 2017 | Merchandise inventory | 13000 | |
| Notes payable | 13000 | |||
| (To record note issued for merchandise purchased) | ||||
| 2 | June 30, 2018 | Interest expense ($13000 x 9% x 6/12) | 585 | |
| Interest payable | 585 | |||
| (To record interest accrued on note payable) | ||||
| 3 | December 31, 2018 | Interest payable | 585 | |
| Interest expense ($13000 x 9% x 6/12) | 585 | |||
| Notes payable | 13000 | |||
| Cash | 14170 | |||
| (To record payment of note plus interest on maturity) |
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please help me!
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