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On April 15 , Champion Industries buys $1,340,000 of inventory on credit. On May 31...

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Accounting

image On April 15 , Champion Industries buys $1,340,000 of inventory on credit. On May 31 , Champion approaches its supplier because it cannot pay the $1,340,000. The supplier agrees to roll the amount into a note due on November 30 with 12% interest. Required: Prepare the necessary journal entries from April 15 through payment on November 30 . If an amount box does not require an entry, leave it blank

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