Homework Answers
Answer
| Date | Accounts title | Debit | Credit |
| Jan-19 | Inventory [or Purchases] | $93,000 | |
| Notes Payable - Short term | $93,000 | ||
| (to record purchase of inventory) | |||
| 31-Jul-19 | Interest Expense | $3,255 | |
| Interest Payable [$93000 x 6% x 7/12] | $3,255 | ||
| (to record accrual of 7 month interest) |
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