On July 1, 2016, Alpha Company purchased from Zulu Company, a truck for $24,000. Alpha signed a Note Payable due in one year for $25,440.
On July 1, 2016, Alpha Company purchased from Zulu Company, a truck for $24,000. Alpha signed a Note
Payable due in one year for $25,440. Alpha uses accrual basis for accounting and its fiscal year ends on December 31. Use this information to prepare the compound General Journal entry (without explanation) for the payment of the note on June 30, 2017. If no entry is required then write “No Entry Required.”
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