On August $1,2022,$ The Spa at Mill Lake, Inc., purchased inventory costing $$50,000$ by signing a $6\%,$ 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 journal entries.$)$

Journal Entry