LIAMBENNETT4798 LIAMBENNETT4798

02-06-2023
Business

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The following are selected 2020 transactions of Skysong Corporation
Sept. 1 Purchased inventory from Encino Company on account for $47,400. Skysong records purchases gross and uses a periodic inventory system.
Oct. 1 Issued a $47,400, 12-month, 8% note to Encino in payment of account
Oct. 1 Borrowed $47,400 from the Shore Bank by signing a 12-month, zero-interestbearing $52,040 note
A) Prepare journal entries for the selected transactions above.
B) Prepare Adjusting journal entries at December
C) Compute the total net liability to be reported on the December 31 balance sheet for:
-The Interest bearing note:
-The zero interest bearing note:

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