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On July 31, 2019, Mission Co. purchased $32,000 of inventory on a one-year, 6 percent...

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Accounting

On July 31, 2019, Mission Co. purchased $32,000 of inventory on a one-year, 6 percent note payable. Journalize the companys (a) accrual of interest expense on December 31, 2019, and (b) payment of the note plus interest on July 31, 2020.

1 Accounting for a note payable b. Credit Cash for $33,920

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