Requirements 1. Journalize the company's purchase of inventory. 2. Make the adjusting entry for accrual of interest on the note payable on December 31 , 2022. 3. At December 31,2022 , what is reported on the balance sheet related to this note payable? 4. Record the payment of the note payable (principal and interest) on its maturity date. On August 1,2022 , The Village at Mill Lake, Inc., purchased inventory costing $48,000 by signing a 14%, six-month, short-term note payable. The company will pay the entire note (principal and interest) on the note's maturity date. Read the requirements