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On December 31, 2017, Drexle purchased $8,000 of merchandise inventory on a one-year, 8% note...

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Accounting

On December 31, 2017, Drexle purchased $8,000 of merchandise inventory on a one-year, 8% note payable. Drexle uses a perpetual inventory system.
1.Journalize the companys purchase of merchandise inventory on December 31, 2017.
2. Journalize the companys accrual of interest expense on June 30, 2018, its fiscal year-end.
3. Journalize the companys payment of the note plus interest on December 31, 2018. (Prepare a single compound entry for this transaction)

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