On March 1,2012,Archer Sales purchases inventory for $200,000 by signing a note payable.The note is for 3 months and bears interest at a rate of 9%.Please provide the journal entry at the end of May when the note is settled.
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Question

On March 1,2012,Archer Sales purchases inventory for $200,000 by signing a note payable.The note is for 3 months and bears interest at a rate of 9%.Please provide the journal entry at the end of May when the note is settled.
 $$\begin{array} { | l | l | l | } 
\hline \quad\quad& \quad&\quad \
\hline & & \\hline & & \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of On March 1,2012,Archer Sales purchases inventory for $200,000 by signing a note payable.The note is for 3 months and bears interest at a rate of 9%.Please provide the journal entry at the end of May when the note is settled.
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On March 1,2012,Archer Sales Purchases Inventory for $200,000 by Signing \begin{array} { | l | l | l | } \hline \quad\quad& \quad&\quad \\\hline & & \\\hline & & \\\hline\end{array}​​​​

On March 1,2012,Archer Sales Purchases Inventory for $200,000 by Signing $\begin{array} { | l | l | l | } \hline \quad\quad& \quad&\quad \\\hline & & \\\hline & & \\\hline\end{array}$