On August 1, 2022, The Outlets at Mill Lake, Inc., purchased inventory costing $54,000 by signing a 10%, six-month, short-term note payable. The company will pay the entire note (principal and interest) on the note's maturity date. Read the requirements. Requirement 1. Joumalize the company's purchase of inventory. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Aug Date 2022 1 Accounts Requirements 1. 2. Debit 4. Credit (800 Journalize the company's purchase of inventory. Make the adjusting entry for accrual of interest on the note payable on December 31, 2022. 3. At December 31, 2022, what is reported on the balance sheet related to this note payable? Record the payment of the note payable (principal and interest) on its maturity date. Print Done - X

On August 1, 2022, The Outlets at Mill Lake, Inc., purchased inventory costing $54,000 by signing a 10%, six-month, short-term note payable. The company will pay the entire note (principal and interest) on the note's maturity date. Read the requirements. Requirement 1. Joumalize the company's purchase of inventory. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Aug Date 2022 1 Accounts Requirements 1. 2. Debit 4. Credit (800 Journalize the company's purchase of inventory. Make the adjusting entry for accrual of interest on the note payable on December 31, 2022. 3. At December 31, 2022, what is reported on the balance sheet related to this note payable? Record the payment of the note payable (principal and interest) on its maturity date. Print Done - X

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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Question

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On August 1, 2022, The Outlets at Mill Lake, Inc., purchased inventory costing $54,000 by signing a 10%, six-month, short-term note payable. The company will pay the entire note (principal and interest) on the note's maturity date.
Read the requirements.
Requirement 1. Joumalize the company's purchase of inventory. (Record debits first, then credits. Exclude explanations from journal entries.)
Journal Entry
Aug
Date
2022
1
Accounts
Requirements
1.
2.
Debit
4.
Credit
(800
Journalize the company's purchase of inventory.
Make the adjusting entry for accrual of interest on the note payable on December 31,
2022.
3.
At December 31, 2022, what is reported on the balance sheet related to this
note payable?
Record the payment of the note payable (principal and interest) on its maturity date.
Print
Done
- X

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Step 2: Journal Entry for Purchase of Inventory

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Step 3: Journal Entry for Accrual of Interest

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Step 4: Partial Balance Sheet

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Step 5: Journal Entry For Payment of Notes Payable

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