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  • Dec 9, 2007, 11:57 AM
    mjey
    What is the journal entry of
    I need journal entery of:
    Complete durin the fisical year ended December 31, are as follows:
    March 1 Purchased merchandise inventory on accont from john Co, $15000.
    April 10 Issued a 60 days, 12% note for 15000 to john Co on account.
    June 9 Paid john Co. the amount awed on the note of April 10
  • Dec 9, 2007, 12:32 PM
    pready
    Mar 1 Debit merchandise Inventory 15,000, Credit Accounts Payable 15,000
    Apr 10 Debit Accounts Payable 15,000, Credit Notes Payable 15,000
    Jun 9 Debit Notes Payable 15,000, Debit Interest Expense, Credit Cash 15,300 (360 day or Bankers Rule).

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