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On April 1st,Jones Corporation Purchased $15,000 of Inventory Using a Short-Term

Question 34

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On April 1st,Jones Corporation purchased $15,000 of inventory using a short-term note payable due in one year at 8% interest.Jones 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 March 31st.Omit explanation.
1.
On April 1st,Jones Corporation purchased $15,000 of inventory using a short-term note payable due in one year at 8% interest.Jones 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 March 31st.Omit explanation. 1. 2. 3. 2.
On April 1st,Jones Corporation purchased $15,000 of inventory using a short-term note payable due in one year at 8% interest.Jones 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 March 31st.Omit explanation. 1. 2. 3. 3.
On April 1st,Jones Corporation purchased $15,000 of inventory using a short-term note payable due in one year at 8% interest.Jones 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 March 31st.Omit explanation. 1. 2. 3.

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