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Draper consulting believes the company will need to borrow 300000 in order to expand operations

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Draper consulting believes the company will need to borrow 300000 in order to expand operations;Accounting for a note payable;On December 31, 2012, Edgmont purchased $10,000 of inventory on a one-year, 10% note payable. Edgmont uses a perpetual inventory system.;Requirements;1. Journalize the company?s accrual of interest expense on June 30, 2013, its fiscal year-end.;2. Journalize the company?s payment of the note plus interest on December 31, 2013.

 

Paper#29437 | Written in 18-Jul-2015

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