Homework: Chapter 8 & 4 Homework Question 1, E8-14A (sim. HW Score: 0%, 0 of 15 points Part 1 of 4 O Points: 0 of 5 Save On August 1, 2022. The Cove at Mil Lake, Inc. purchased inventory costing $42,000 by signing a 7%, sex-month, short-tern note payable. The company will pay the entire note (principal and interest on the note's maturity date. Read the requirements Requirement 1. Joumalize the company'o purchase of inventory. (Record debits first, then credito. Excude oxplanations from joumal ontrion) Journal Entry Accounts Debit Credit Requirements Date 2022 Aug 1 1. Journalize the company's purchase of inventory 2. Make the adjusting enby 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