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Notes Payable On December 1, 2020, Market Clothing Company purchased merchandise, invoice price $26,000, and...

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Accounting

Notes Payable On December 1, 2020, Market Clothing Company purchased merchandise, invoice price $26,000, and issued a 10%, 120-day note to Bulk Company. Market Clothing uses the calendar year as its fiscal year and uses the perpetual inventory system. Required: Prepare journal entries on Market Clothing Companys books to record the preceding information, including the adjusting entry at the end of the year and payment of the note at maturity.

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