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Prepare Smithe Company journal entries

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Question - On October 1, 2019, Smithe Company acquired some inventory with a value of $160,000. The supplier accepted an interest-bearing note payable maturing in one year. The interest rate on the note was 8% per year. Smithe repaid the note on its maturity date of September 30, 2020.

Required - Prepare Smithe Company's journal entries in respect of this note for 2019 and 2020.

Reference no: EM132684147

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