On December $31,2015,$ Finley purchased $$16,000$ of merchandise inventory on a one$-$year, $8\%$ note payable. Finley uses a perpetual inventory system.

Requirements

Journalize the company's purchase of merchandise inventory on December $31,2015.$

Journalize the company's accrual of interest expense on June $30,2016,$ its fiscal year$-$end.

Journalize the company's payment of the note plus interest on December $31,2016.$

$($Record debits first, then credits. Select the explanation on the last line of the journal entry table.$)$

Requirement $1.$ Journalize the company's purchase of merchandise inventory on December $31,2015.$

$\backslash$table$[[$Date$,$Accounts and Explanation,Debit,Credit$],[$Dec$.31],[,,,],[,,,],[,,,],[,,,]]$