Instructions Chart of Accounts General Journal HI III Instructions On December 1, 2019, Insto Photo Company purchased merchandise, invoice price $25,000, and issued a 12%, 120-day note to Ringo Chemicals Company. Insto uses the calendar year as its fiscal year and uses the perpetual inventory system Required: Prepare journal entries on Insto's books to record the preceding information, including the adjusting entry at the end of the year and payment of the note at maturity Instructions General Journal Shaded cells have feedback. GENERAL JOURNAL Score: 93/100 DATE ACCOUNT TITLE POST REF DEBIT CREDIT 1 Jan. 31 Inventory 25,000.00 2 25,000.00 3 250.00 4 > Notes Payable Dec. 31 Interest Expense Interest Payable Dec 31 Interest Expense Interest Payable I Notes Payable 250.00 750.00 250.00 25,000.00 Cash 26,000.00