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On November 1, 2025, K Corp. purchased merchandise inventory for $35,000 by signing a note payable. The note is for 6 months and bears interest

On November 1, 2025, K Corp. purchased merchandise inventory for $35,000 by signing a note payable. The note is for 6 months and bears interest at a rate of 8%. Prepare the following journal entries:

1. Purchase of the merchandise on November 1, 2025

2. Accrual of interest on December 31, 2025

3. Payment of the note on April 30, 2026

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