On December 31, 2017, Gordon purchased $16,000 of merchandise inventory on a one-year, 8% note payable. Gordon 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.) Karnhandien Inventory 16.000 5 i Requirements 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