Journalize the? company purchase of inventory


Problem: On April 1, 2022?, Wayne Company purchased inventory costing $92,000 by signing a 99?%, ?nine-month, short-term note payable. Wayne will pay the entire note? (principal and? interest) on the? note's maturity date. Journalize the? company's (a) purchase of inventory and? (b) accrual of interest on the note payable on October 31, 2022. ?(Record debits? first, then credits. Exclude explanations from any journal? entries.) Question content area bottom Part 1 ?(a) Journalize the? company's purchase of inventory. Journal Entry Date Accounts Debit Credit 2022 Apr 1

 

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Accounting Basics: Journalize the? company purchase of inventory
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