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On August 1, 2022, The Villas at Mill Lake, Inc., purchased inventory costing $48,000 by signing a 14%, six-month, short-term note payable. The company will

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On August 1, 2022, The Villas at Mill Lake, Inc., purchased inventory costing $48,000 by signing a 14%, 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.)

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