Jasper Sports Limited purchased inventory costing $10,000 by signing a 10% short-term note payable. The purchase occurred

Question:

Jasper Sports Limited purchased inventory costing $10,000 by signing a 10% short-term note payable. The purchase occurred on March 31, 2014. Jasper pays annual interest each year on March 31. Journalize Jasper's (a) purchase of inventory, (b) accrual of interest expense on December 31, 2014, and (c) payment of the note plus interest on March 31, 2015.