K On August 1, 2022, The Villas at Mill Lake, Inc., purchased inventory costing $60,000 by...

Transcribed Image Text:

K On August 1, 2022, The Villas at Mill Lake, Inc., purchased inventory costing $60,000 by signing an 8%, six-month, short-term note payable. The company will pay the entire note (principal and interest) on the note's maturity date. Read the requirements Requirement 1. Journalize the company's purchase of inventory. (Record debits first, then credits. Exclude explanations from joumal entries.) Date 2022 Aug 1 Journal Entry Accounts Debit Credit K On August 1, 2022, The Villas at Mill Lake, Inc., purchased inventory costing $60,000 by signing an 8%, six-month, short-term note payable. The company will pay the entire note (principal and interest) on the note's maturity date. Read the requirements Requirement 1. Journalize the company's purchase of inventory. (Record debits first, then credits. Exclude explanations from joumal entries.) Date 2022 Aug 1 Journal Entry Accounts Debit Credit