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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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.

On March 1, 2012, Archer Sales Purchases Inventory for $200,000