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  3. score: 0 of 2 pts 18 of 36 (17 complete) hw score:

Score: 0 of 2 pts 18 of 36 (17 complete) HW Score: 42.67%, 32 of...

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Accounting

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Score: 0 of 2 pts 18 of 36 (17 complete) HW Score: 42.67%, 32 of 75 pts S9-1 (similar to) Question Help Jellison Sports Authority purchased inventory costing $24,000 by signing a 12% short-term note payable. The purchase occurred on May 31, 2014. Jellison pays annual interest each year on May 31. Journalize the company's (a) purchase of inventory; (b) accrual of interest expense on February 28, 2015, which is the year-end; and (c) payment of the note plus interest on May 31, 2015. (Round your answers to the nearest whole number.) (d) Show what the company would report on its balance sheet at February 28, 2015, and on its income statement for the year ended on that date. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Journalize the company's purchase of inventory. Journal Entry Date Accounts 2014 May 31 D Debit Credit

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