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Ivanhoe Sports Authority purchased inventory costing $$32,000$ by signing a $4\%$ short$-$term, one$-$year note payable. The purchase occurred on July $31,2021.$ Ivanhoe pays annual interest each year on July $31.$

Read the requirements.

First, journalize the company's $($a$)$ purchase of inventory. $($Record debits first, then credits. Exclude explanations from journal entries.$)$

Journal Entry

$\backslash$table$[[,$Date,Accounts,Debit,Credit$],[,2021,,,],[$Jul$,31,,,],[,,,,]]$