Franklin Sports Authority purchased inventory costing $ 22,000 by signing a 7?% ?short-term note payable. The purchase occurred on June 30, 2014. Franklin pays annual interest each year on June 30. Journalize the? company's (a) purchase of? inventory; (b) accrual of interest expense on March 31, 2015?, which is the? year-end; and? (c) payment of the note plus interest on June 30, 2015. ?(Round your answers to the nearest whole? number.) (d) Show what the company would report on its balance sheet at March 31,2015?, and on its income statement for the year ended on that date. ?(Record debits? first, then credits. Exclude explanations from any journal? entries.)

Franklin Sports Authority purchased inventory costing 522,000 by signing a 7% short-term note payable. The purchase occurred on June 30, 2014. Franklin pays annual interest each year on June 30. Journalize the company's (a) purchase of inventory; (b) accrual of interest expense on March 31, 2015, which is the year-end; and (c) payment of the note plus interest on June 30, 2015. (Round your answers to the nearest whale number.) (d) Show what the company would report on its balanoe sheet at March 31, 2015, and on its income statement for the year ended on that date. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Jounalize the company's purchase of inventory. Journal Date Accounts Debit Credit 2014 June 30