On June 1, 2022, Franklin Company purchased inventory costing $90,000 by signing an 8%, nine-month, short-term note payable.

On June 1, 2022, Franklin Company purchased inventory costing $90,000 by signing an 8%, nine-month, short-term note payable. Franklin will pay the entire note (principal and interest) on the note's maturity date. Journalize the company's (a) purchase of inventory and (b) accrual of interest on the note payable on December 31, 2022. (Record debits first, then credits. Exclude explanations from any joumal entries.) (a) Journalize the company's purchase of inventory. Journal Entry Date Accounts Debit Credit 2022 Jun (b) Journalize the company's accrual of interest on the note payable on December 31, 2022. Journal Entry Date Accounts Debit Credit 2022 Dec 31 On June 1, 2022, Franklin Company purchased inventory costing $90,000 by signing an 8%, nine month, short-term note payable. Franklin will pay the entire note (principal and interest) on the note's maturity date. Journalize the company's (a) purchase of Inventory and (b) accrual of interest on the note payable on December 31, 2022. (Record debits first, then credits. Exclude explanations from any lournal entries.) (a) Joumalize the company's purchase of inventory Journal Entry Date Accounts Debit Credit 2022 Jun Cash (b) Journalize the coInterest Expense on December 31, 2022 Interest Payable Debit Credit Date 2022 Inventory Dec 31 Note Payable, Short-Term