On June 30, 2019, Development, Inc. purchased merchandise inventory for $500,000 by signing a six-month, 8% note payable. Prepare the journal entry for the payment of the note on December 30, 2019. Omit explanation.

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The Answer of On June 30, 2019, Development, Inc. purchased merchandise inventory for $500,000 by signing a six-month, 8% note payable. Prepare the journal entry for the payment of the note on December 30, 2019. Omit explanation.