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Gordon pays annual interest each year on july 1 journalize

Problem - Gordon Sports Authority purchased inventory costing $11,000 by signing a one year12% short-term note payable. The purchase occurred on July 1, 2016. Gordon pays annual interest each year on July 1. Journalize the company's

(a) Purchase of inventory;

(b) Accrual of interest expense on December 31, 2016, which is the year-end; and

(d) Show what the company would report on its balance sheet at December 31, 2016, and on its income statement for the year ended on that date.

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Accounting Basics: Gordon pays annual interest each year on july 1 journalize

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