Homework Answers
Answer:
| Date | Journal entry | Calculations | Debit($) | Credit($) |
| December 31, 2017 | Merchandise inventory | 13,000 | ||
| Notes payable | 13,000 | |||
| June 30, 2018 | Interest expense | 13,000*9%*6/12= | 585 | |
| interest payable | 585 | |||
| December 31, 2018 | Interest expense | 585 | ||
| Interest payable | 585 | |||
| December 31, 2018 | Notes payable | 13,000 | ||
| Interest payable | 13,000*9%= | 1,170 | ||
| Cash | 13,000+1,170= | 14,170 |
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