The following are selected 2020 transactions of Astin Corporation. Sept. 1 Oct 1 Oct 1 (a)...
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The following are selected 2020 transactions of Astin Corporation. Sept. 1 Oct 1 Oct 1 (a) Purchased inventory from Encino Company on account for $50,000. Astin records purchases gross and uses a periodic inventory system Issued a $50,000, 12-month, 8% note to Encino in payment of account. Borrowed $50,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $54,000 note Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement.) Account Titles and Explanation Date October 1 Debit 10000 Credit Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement.) Account Titles and Explanation Date October 11 Debit Credit The following are selected 2020 transactions of Astin Corporation. Sept. 1 Oct 1 Oct 1 (a) Purchased inventory from Encino Company on account for $50,000. Astin records purchases gross and uses a periodic inventory system Issued a $50,000, 12-month, 8% note to Encino in payment of account. Borrowed $50,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $54,000 note Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement.) Account Titles and Explanation Date October 1 Debit 10000 Credit Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement.) Account Titles and Explanation Date October 11 Debit Credit
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ANSWER Part A Date General journal Debit Credit Sept 1 Purchas... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
Posted Date:
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