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On June 1, 2019, Cooper Company purchased inventory costing $93,000 by signing a 6%, nine-month, short-term note payable. Cooper will pay the entire note (principal and interest) on the note's maturity date. Journalize the company's (a) purchase of inventory; and (b) accrual of interest on the note payable on December 31, 2019. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Journalize the company's purchase of inventory. Journal Entry Date Accounts Debit Credit 2019 Jun

On June 1, 2019, Cooper Company purchased inventory costing $93,000 by signing a 6%, nine-month, short-term note payable. Cooper will pay the entire note (principal and interest) on the note's maturity date. Journalize the company's (a) purchase of inventory; and (b) accrual of interest on the note payable on December 31, 2019. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Journalize the company's purchase of inventory. Journal Entry Date Accounts Debit Credit 2019 Jun

FINANCIAL ACCOUNTING
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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On June 1, 2019, Cooper Company purchased inventory costing $93,000 by signing a 6%, nine-month, short-term note payable. Cooper will pay the entire note (principal and interest) on the note's maturity date. Journalize the company's (a) purchase of inventory; and (b) accrual of interest on the note payable on December 31, 2019. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Journalize the company's purchase of inventory. Journal Entry Date Accounts Debit Credit 2019 Jun 1
Transcribed Image Text:On June 1, 2019, Cooper Company purchased inventory costing $93,000 by signing a 6%, nine-month, short-term note payable. Cooper will pay the entire note (principal and interest) on the note's maturity date. Journalize the company's (a) purchase of inventory; and (b) accrual of interest on the note payable on December 31, 2019. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Journalize the company's purchase of inventory. Journal Entry Date Accounts Debit Credit 2019 Jun 1
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