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On July 1st,Smith Corporation Purchased $10,000 of Inventory Using a Short-Term

Question 31

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On July 1st,Smith Corporation purchased $10,000 of inventory using a short-term note payable due in one year at 10% interest.Smith Corporation's fiscal year ends on December 31.
Required:
1.Journalize the purchase of the inventory.Omit explanation.
2.Journalize the accrued interest expense on December 31st.Omit explanation.
3.Journalize the payment of the note payable the following year on June 30th.Omit explanation.
1.
On July 1st,Smith Corporation purchased $10,000 of inventory using a short-term note payable due in one year at 10% interest.Smith Corporation's fiscal year ends on December 31. Required: 1.Journalize the purchase of the inventory.Omit explanation. 2.Journalize the accrued interest expense on December 31<sup>st</sup>.Omit explanation. 3.Journalize the payment of the note payable the following year on June 30th.Omit explanation. 1. 2. 3. 2.
On July 1st,Smith Corporation purchased $10,000 of inventory using a short-term note payable due in one year at 10% interest.Smith Corporation's fiscal year ends on December 31. Required: 1.Journalize the purchase of the inventory.Omit explanation. 2.Journalize the accrued interest expense on December 31<sup>st</sup>.Omit explanation. 3.Journalize the payment of the note payable the following year on June 30th.Omit explanation. 1. 2. 3. 3.
On July 1st,Smith Corporation purchased $10,000 of inventory using a short-term note payable due in one year at 10% interest.Smith Corporation's fiscal year ends on December 31. Required: 1.Journalize the purchase of the inventory.Omit explanation. 2.Journalize the accrued interest expense on December 31<sup>st</sup>.Omit explanation. 3.Journalize the payment of the note payable the following year on June 30th.Omit explanation. 1. 2. 3.

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