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5) On October 1, 2012, Archer Sales purchases inventory...

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Accounting

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5) On October 1, 2012, Archer Sales purchases inventory for $200,000 by signing a note payable. The note is for 8 months and bears interest at a rate of 10%. journal entry for this transaction on December 31, 2012 Please provide the Please provide the journal entry at the time when the note is settled

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