Accounts and Notes Payable

The following are selected 2020 transactions of Astin Corporation.

Sept. 1 Purchased inventory from Encino Company on account for $50,000. Astin records purchases gross and uses a periodic inventory system.

Oct. 1 Issued a $50,000, 12-month, 8% note to Encino in payment of account.

Oct. 1 Borrowed $50,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $54,000 note.