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Prepare journal entries to record the purchase of inventory

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Reference no: EM132647258

Problem 1: John Electronics Inc. purchased inventory costing $48,000 by signing an 8-month, 6% note payable on Sept 1 2019. The note will be repaid with interest at maturity. Prepare journal entries to record the purchase of the inventory, accrual of interest on Dec 31, 2019 and the final repayment of the note at maturity.

Reference no: EM132647258

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