com/courses/3549/assignments/3713119 The following are selected 2020 transactions of Ayayai Corporation. Sept. Purchased inventory from Encino Company on account for $59,600. Ayayai records purchases gross and uses a periodic inventory 1 system. Oct. Issued a $59,600, 12-month, 8% note to Encino in payment of account. Borrowed $59,600 from the Shore Bank by signing a 12-month zero-interest-bearing $62,920 note. pport Your answer is correct. Prepare journal entries for the selected transactions above. Of no entry is required, select "No Entry for the account titles and enter 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.) Debit Credit Account Titles and Explanation Date 59600 September Purchases 59600 Accounts Payable October 1 - Accounts Payable Prepare adjusting entries at December 31. Of no entry is required, select "No Entry for the account tities and enter for the amounts. Cred! account titles are automatically Indented when amount is entered. Do not Indent manually. Round answers to O decimal places, e.g. 5.125.) Date Account Titles and Explanation Debit Credit December 31 (To record interest on the note) December 31 (To record discount on the note) List of Accounts X Your answer is incorrect. Compute the total net liability to be reported on the December 31 balance sheet for: com/courses/3549/assignments/3713119 The following are selected 2020 transactions of Ayayai Corporation. Sept. Purchased inventory from Encino Company on account for $59,600. Ayayai records purchases gross and uses a periodic inventory 1 system. Oct. Issued a $59,600, 12-month, 8% note to Encino in payment of account. Borrowed $59,600 from the Shore Bank by signing a 12-month zero-interest-bearing $62,920 note. pport Your answer is correct. Prepare journal entries for the selected transactions above. Of no entry is required, select "No Entry for the account titles and enter 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.) Debit Credit Account Titles and Explanation Date 59600 September Purchases 59600 Accounts Payable October 1 - Accounts Payable Prepare adjusting entries at December 31. Of no entry is required, select "No Entry for the account tities and enter for the amounts. Cred! account titles are automatically Indented when amount is entered. Do not Indent manually. Round answers to O decimal places, e.g. 5.125.) Date Account Titles and Explanation Debit Credit December 31 (To record interest on the note) December 31 (To record discount on the note) List of Accounts X Your answer is incorrect. Compute the total net liability to be reported on the December 31 balance sheet for
