1. (6 points) The following are selected 2017 transactions of Blue Corporation. Sept. Purchased inventory from Encino Company on account for $44,800. Blue records purchases 1 gross and uses a periodic inventory system. Oct. 1 Issued a $44,800, 12-month, 8% note to Encino in payment of account. Oct. 1 Borrowed $44,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $49,760 note. a. Prepare the necessary journal entries: Accounts DR CR Date 9/1 10/1 b. Prepare adjusting entries at December 31. Accounts DR CR Date 12/31 12/31 (1) The interest-bearing note (2) The zero-interest-bearing