On June 30,2017,Nightvale,Inc

question 86

Essay

On June 30,2017,Nightvale,Inc.purchased merchandise inventory for $500,000 by signing a six-month,8% note payable.Prepare the journal entry for the payment of the note on December 30,2016.

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Definitions:

Food Broker

An intermediary who connects food producers with buyers, typically in the retail or food service sectors.

Grocery Manufacturer

A grocery manufacturer refers to a company that produces food products and goods sold in grocery stores and supermarkets.

Commission

A form of compensation typically in the sales field, where an employee is paid a percentage of the sales they generate or deals they close.

Manufacturer's Branch Office

An office or division of a manufacturing company located separately from its main operations, typically to perform regional functions like sales, support, or distribution.