I want answer for these questions with typing please. Thanks On October 30, 2018, Muscat Co. purchased OR 18,000 of merchandise inventory on seven months, 7% note payable. Muscat Co. uses a perpetual inventory system.Required: Journalize the company’s purchase of merchandise, accrual interest expense on December 31, and the payment of the note plus interest.Explain the current portion of long-term notes payable

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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I want answer for these questions with typing please. Thanks

On October 30, 2018, Muscat Co. purchased OR 18,000 of merchandise inventory on seven months, 7% note payable. Muscat Co. uses a perpetual inventory system.

Required: Journalize the company’s purchase of merchandise, accrual interest expense on December 31, and the payment of the note plus interest.

Explain the current portion of long-term notes payable

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