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On August 1, 2022, The Shoppes at Mal Lake, inc, putchased inventory costing $40,000 by signing a 6%, six-month, short-term note payable. The company will

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On August 1, 2022, The Shoppes at Mal Lake, inc, putchased inventory costing $40,000 by signing a 6%, six-month, short-term note payable. The company will pay the entire note (principal and intarest) on the noto's matunty date. Resd the roguitoments Requirement 1. Joumalize the company's purchase of inventory. (Rlecord debits fint, then credits. Exelude explanations from journal entries.)

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