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The following are selected 2020 transactions of Culver Corporation. Sept. 1 Purchased inventory from Encino Company...

Question:

The following are selected 2020 transactions of Culver Corporation. Sept. 1 Purchased inventory from Encino Company on account for $54,800. Culver records purchases gross and uses a periodic inventory system. Oct. 1 Issued a $54,800, 12-month, 8% note to Encino in payment of account. Oct. 1 Borrowed $54,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $59,640 note.Prepare adjusting entries at December 31. Compute the total net liability to be reported on the December 31 balance sheet for: (1) The interest-bearing note $enter a dollar amount (2) The zero-interest-bearing note


Answers

Journal entry Debit Credit Account Titles and Explanation 1-Sep Purchases Accounts Payable (To record purchase of merchandiseComputation of the total net liability to be reported on the December 31 balance sheet for: Interest-bearing note: Amount Par

.

4840-1210=3630

59640-3630=56010

.

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