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Question: Accounting for a note payable On December 31, 2015, Cimmaron purchased $10,000 of merchandise inventory on a one-year, 10% note payable. Cimmaron uses a perpetual inventory system Requirements

1. Journalize the company's purchase of merchandise inventory on December 31, 2015.

2. Journalize the company's accrual of interest expense on June 30, 2016, its fiscal year-end.

3. Journalize the company's payment of the note plus interest on December 31, 2016.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92648007

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