On December 1, Year 1, Insto Photo Company purchased merchandise, invoice price $23,000, and issued a 6%, 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 Instos books to record the preceding information, including the adjusting entry at the end of the year and payment of the note at maturity. December, Year 1 entries should be recorded in page 1, April, Year 2 entries should be recorded in page 2