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83 on april 1st 2013 prickley sales purchased inventory for 20 000 by signing a one 4300872

 

83) On April 1st 2013 Prickley Sales purchased inventory for $20,000 by signing a one-year note payable, due March 31, 2014. The note bears interest at an annual rate of 6%. Prickley Sales uses the periodic method for recording inventory.

 

Prepare the required journal entries from April 1, 2013 through March 31, 2014.

 

84) On April 1st 2013 Grimley Sales purchased inventory for $40,000 by signing a one-year note payable, due March 31, 2014. The note bears interest at an annual rate of 8%. Grimley Sales uses the perpetual method for recording inventory.

 

Prepare the required journal entries from April 1, 2013 through March 31, 2014.

 

 

 

 

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