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Question -
a. Modern Electronics Inc. purchased inventory costing $85,000 by signing an 10-month, 5% note payable on Sept 1 2020. 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, 2020 and the final repayment of the note and interest at maturity.
b. On January 1, 2020, Modern Electronics issued $25,000, 5-year bonds, with coupon rate of 6%, paid semi-annually. Prepare the necessary journal entries to record the issue of the bond at face value and the payment of the first coupon on June 30, 2020.
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