Ivanhoe sports authority purchased inventory costing $ 26 comma 000 by signing a 6%, six-month, short-term note payable. the purchase occurred on march 1 comma 2018. ivanhoe will pay the entire note (principal and interest) on the note's maturity date of september 1, 2018. journalize the company's (a) purchase of inventory; and (b) payment of the note plus interest on september 1 comma 2018.

Explanation:

The journal entries are shown below:

a. Inventory A/c Dr $26,000

       To Notes payable A/c $26,000

(Being inventory is purchased for signing the short term notes payable)

b. Interest expense A/c Dr $780

  Notes payable A/c Dr $26,000

               To Cash A/c $                       $26,780

(Being cash is paid on maturity)

The interest expense is computed below:

= Principal × rate of interest × number of months ÷ (total number of months in a year)

= $26,000 × 6% × (6 months ÷ 12 months)

= $780

The 6 months is calculated from March 1 to September 1

answer; bootstrapping is your answer;

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