On December 31, 2017, Gordon purchased $17,000 of merchandise inventory on a one-year, 12% 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.) Requirement 1. Journalize the company's purchase of merchandise inventory on December 31, 2017. Date Accounts and Explanation Debit Credit 2017 Dec. 31 17,000 Merchandise Inventory Notes Payable 17,000 Purchased merchandise inventory in exchange for one-year note. 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 Jun. 30