Drexel Sports Authority purchased inventory costing $23,000 by signing a 10%, six-month, short-term note payable. The purchase

Question:

Drexel Sports Authority purchased inventory costing $23,000 by signing a 10%, six-month, short-term note payable. The purchase occurred on January 1, 2016. Drexel will pay the entire note (principal and interest) on the note's date of July 1, 2016. Journalize the company's
(a) Purchase of inventory;
(b) Payment of the note plus interest on July 1, 2016.
Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...