Reference no: EM133051721
Question - The following are selected 2020 transactions of Sage Corporation.
Sept. 1 Purchased inventory from Encino Company on account for $ 43,600. Sage records purchases gross and uses a periodic inventory system.
Oct. 1 Issued a $ 43,600, 12-month, 8% note to Encino in payment of account.
Oct. 1 Borrowed $ 43,600 from the Shore Bank by signing a 12-month, zero-interest-bearing $ 48,600 note.
Required -
(a) Prepare journal entries for the selected transactions above.
(b) Prepare adjusting entries at December 31.
(c) Compute the total net liability to be reported on the December 31 balance sheet for:
(1) The interest-bearing note
(2) The zero-interest-bearing note
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