Current Attempt in Progress The following are selected 2020 transactions of Concord Corporation Sept. 1 Oct. 1 Purchased inventory from Orion Company on account for $43,600. Concord uses a periodic inventory system. Issued a $43,600, 12-month, 8% note to Orion in payment of Concord's account. Borrowed $76,800 from the bank by signing a 12-month, non-interest-bearing $80,200 note. 1 Your answer is partially correct. Prepare the journal entries for the payment of the notes at maturity. Assume no other accruals of interest were recorded since the December 31, 2020 year end. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Prepare the journal entries for the payment of the notes at maturity. Assume no other accruals of interest were recorded since the December 31, 2020 year end. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Oct. Notes Payable 1/21 43600 Interest Expense 2616 Interest Payable 872 Cash 47068 (To record repayment of 8% note) Oct. 1/21 Interest Expense 872 Notes Payable 872 (To accrue interest expense on non-interest-bearing note) Oct. 1/21 Notes Payable 43600 TOLE) Oct. 1/21 Notes Payable 43600 cash 43600 (To record repayment of non-interest-bearing note) eTextbook and Media List of Accounts Your answer is partially correct. Prepare the journal entries for the payment of the notes at maturity, assuming the company uses reversing entries. (Show the reversing entries at January 1, 2021.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Debit Credit Date Account Titles and Explanation Prepare the journal entries for the payment of the notes at maturity, assuming the company uses reversing entries. (Show the reversing entries at January 1, 2021.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Orion Note Jan. Interest Payable 1 872 Interest Expense 872 Oct. 1 Notes Payable 43600 Interest Expense 3488 cash TIIT UNE 4708 Bank Note Jan. 1 No Entry 0 no Oct. 1 no 0 1 Oct. 1 Notes Payable 43600 Interest Expense 3488 cash 47088 Bank Note Jan. 1 No Entry no Oct. no 1 No Entry (To accrue interest expense on non-interest-bearing note) Oct. 1 note 80000 Cash 47088 (To record repayment of non-interest-bearing note)
