In: Accounting
On July 31, 2019, Mission Co. purchased $32,000 of inventory on a one-year, 6 percent note payable. Journalize the company’s (a) accrual of interest expense on December 31, 2019, and (b) payment of the note plus interest on July 31, 2020.
1 Accounting for a note payable b. Credit Cash for $33,920