(Answered) On december 1 2010 insto photo company purchased

Accounting

On December 1, 2010, Insto Photo Company purchased merchandise, invoice price $25,000, and issued a 12%, 120 day note to Ringo Chemicals Company. Insto uses the calendar year as its fiscal year and uses the perpetual inventory system.

Required:
Prepare journal entries on Insto Photo's books to record the preceding information, including the adjusting entry at the end of the year and payment of the note at maturity.

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