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

question 43

Essay

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 for this transaction.

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Definitions:

Goose Bumps

The raising of small bumps on the skin due to the contraction of miniature muscles at the base of hair follicles, usually in response to cold or fear.

Hair Follicles

The skin organ that produces hair, consisting of a small tubular cavity containing the root of a hair and located in the dermis of the skin.

Nervous Tissue

Tissue that contains nerve cells (neurons), which conduct impulses, and neuroglia, which support, protect, and provide nutrients to neurons.

Stimuli

External or internal changes that affect the responses of living organisms.