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-Ch08 - Chapter 8 Liabilities Short Exercises(10 min S 8-1...

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Chapter 8 Liabilities Short Exercises (10 min.) S 8-1 Journal DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT 20X7 Mar. 31 Inventory…………………………………….. 10,000 Note Payable, Short-Term…………….. 10,000 Purchased inventory by issuing a note payable. Dec. 31 Interest Expense ($10,000 × .10 × 9/12).. 750 Interest Payable………………………… 750 Accrued interest expense. 20X8 Mar. 31 Note Payable, Short-Term………………... 10,000 Interest Payable……………………………. 750 Interest Expense ($10,000 × .10 × 3/12).. 250 Cash………………………………………. 11,000 Paid note payable and interest at maturity. Chapter 8 Liabilities 483
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