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Prepare journal entries for the selected transactions

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Question - The following are selected 2020 transactions of Ivanhoe Corporation.

Sept. 1 Purchased inventory from Encino Company on account for $43,000. Ivanhoe records purchases gross and uses a periodic inventory system.

Oct. 1 Issued a $43,000, 12-month, 8% note to Encino in payment of account.

Oct. 1 Borrowed $43,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $46,440 note.

Required - Prepare journal entries for the selected transactions above.

Reference no: EM133075072

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