On December 31, 2020, Wright Enterprises purchased $7,400 of merchandise inventory on a one-year 10% note payable.

1. Journalize the company’s purchase of merchandise inventory on December 31, 2020.
2. Journalize the company’s accrual of interest expense on June 30, 2021, its fiscal year-end.
3. Journalize the company’s payment of the note plus interest on December 31, 2021.