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Journalize the? company purchase of? inventory

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Question - Lemoyne Sports Authority purchased inventory costing $27,000 by signing a 10?% ?short-term note payable. The purchase occurred on June 30, 2014. Lemoyne pays annual interest each year on June 30.

Required - Journalize the? company's (a) purchase of? inventory; (b) accrual of interest expense on March 31, 2015?, which is the? year-end; and? (c) payment of the note plus interest on June 30, 2015. ?(Round your answers to the nearest whole? number.) (d) Show what the company would report on its balance sheet at March 31, 2015?, and on its income statement for the year ended on that date.

Reference no: EM132820381

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