On December 31, 2017, Franklin purchased $13,000 of merchandise inventory on a one-year, 9% note payable. Franklin uses a perpetual inventory system. Read the requirements. (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, 2017. Date Accounts and Explanation Debit Credit 2017 i Requirements Dec. 31 1. Journalize the company's purchase of merchandise inventory on December 31, 2017 2. Journalize the company's accrual of interest expense on June 30, 2018, its fiscal year-end. 3. Journalize the company's payment of the note plus interest on December 31, 2018. Requirement 2. Journalize the company's accrual of interest expense on June 30, 2018, its fiscal year-end. Date Accounts and Explanation Debit Credit 2018 Print Done Jun. 30 Requirement 3. Journalize the company's payment of the note plus interest on December 31, 2018. (Prepare a single compound entry for this transaction.) Date Accounts and Explanation Debit Credit 2018 Dec. 31