Accounting for a note payable [10 min]
On December 31, 2012, Edgmont, Co., purchased $10,000 of inventory on a one- year, 10% note payable. Edgmont uses a perpetual inventory system.
Requirements
1. Journalize the company’s accrual of interest expense on June 30, 2013, its fiscal year-end.
2. Journalize the company’s payment of the note plus interest on December 31, 2013.
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