On July 1,2018,Sanchez Company purchased merchandise inventory for $350,000 by signing a note payable.The note is for 6 months and bears interest at a rate of 8%.Prepare the journal entry for this transaction,using a perpetual inventory system.Omit explanation.

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The Answer of On July 1,2018,Sanchez Company purchased merchandise inventory for $350,000 by signing a note payable.The note is for 6 months and bears interest at a rate of 8%.Prepare the journal entry for this transaction,using a perpetual inventory system.Omit explanation.

On July 1,2018,Sanchez Company Purchased Merchandise Inventory for $350,000 by Signing