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On December 31,2015 , Finley purchased $15,000 of merchandise inventory on a one-year. 8% note payable. Finley uses a perpetual inventory system. Requirements 1. Joumalize

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On December 31,2015 , Finley purchased $15,000 of merchandise inventory on a one-year. 8% note payable. Finley uses a perpetual inventory system. Requirements 1. Joumalize the company's purchase of me chandise inventory on December 31, 2015 2. Joumalize the company's accrual of interest expense on June 30,2016 , its fiscal year-end 3. Joumalize the company's payment of the hote plus interest on December 31, 2016. (Record debes fist then credits. Select the explangtion on the last line of the joumal entry table)

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