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question notes payable on december 1 2013 insto photo company purchased merchandise 4278706

Question

Notes Payable

On December 1, 2013, Insto Photo Company purchased merchandise,invoice price $25,000, and issued a 12%, 120-day note to RingoChemicals Company. Insto uses the calendar year as its fiscal yearand uses the perpetual inventory system.

2013

Inventory

$25,000

 

Dec 1

Notes Payable

 

$25,000

 

 

 

 

Dec 31

Interest Expense

$?????

 

 

Interest Payable

 

$?????

 

 

 

 

2014

Interest Expense

$?????

 

Apr 1

Interest Payable

$?????

 

 

Notes Payable

$25,000

 

 

Cash

 

$?????

 

 

 

 

 

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