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The purpose of this assessment is to analyze and understand financial transactions and journalize them appropriately. On December 31, 2015, Harrenhal Inc. purchased $7,000 of merchandise inventory on a one-year, 11% note payable. Harrenhal uses a perpetual inventory system. Based on this data, complete the following tasks using worksheet AC1420_nn_Exercise 1-1.xlsx: a. Journalize Harrenhals purchase of merchandise inventory on December 31, 2015. b. Journalize Harrenhals accrual of interest expense on June 30, 2016its fiscal year end. c. Journalize Harrenhals payment of the note plus interest on December 31, 2016. In addition, on December 31, Harrenhal estimates that it will pay its employees a 3% bonus on $62,000 of net income, after deducting the bonus. The bonus will be paid on January 15 of the next year. Based on this data, complete the following tasks using the same worksheet, AC1420_nn_Exercise 1-1.xlsx: d. Journalize the December 31 transaction for Harrenhal. e. Journalize the payment of the bonus on January
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