On July 1, 2017, Ferrero, Inc. purchased merchandise inventory for $350,000 by signing a note payable. The note is for 6 months and bears interest at a rate of 8%. Prepare the journal entry for this transaction, using a perpetual inventory system
What will be an ideal response
Merchandise Inventory 350,000
Notes Payable 350,000
Business
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The ownership of common stock in a corporation usually carries the following rights:
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