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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}

Question 148

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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}

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Calculations: ($200...

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